Infinito Gold Ltd. Announces Additional Financing
20 Juni 2011 - 11:27PM
PR Newswire (Canada)
CALGARY, June 20, 2011 /CNW/ -- Trading Symbol: TSX-V: IG CALGARY,
June 20, 2011 /CNW/ - Infinito Gold Ltd. (the "Company") announces
that it has accepted an offer of a demand loan facility (the
"Loan") for up to $3.0 million from Exploram Enterprises Ltd.
("Exploram"), its controlling shareholder. The indebtedness under
the Loan is to be secured under the existing General Security
Agreement between the Company and Exploram delivered in connection
with the sale of convertible notes of the Company on February 10,
2009 (the "Prior Notes"). Interest is payable on the
outstanding balance of the Loan monthly in arrears at a rate of
19.0% per annum. The Company has been advanced $750,000 pursuant to
the Loan but subsequent advances are at the sole discretion of
Exploram. The Loan is in addition to $13.1 million of principal in
other demand loans (other "Demand Loans") that are also payable to
Exploram, and is in addition to $50.5 million in principal owed
under the Prior Notes. All indebtedness under the Loan is repayable
on demand at any time and may be prepaid in whole or in part
without penalty. In addition, all indebtedness under the Loan shall
rank equally with the other Demand Loans and senior to all other
indebtedness of the Company. There are no structuring fees to be
paid by the Company in conjunction with the Loan. The closing
occurred promptly upon acceptance of the offer of the Loan by
Infinito as the funds were required urgently. The Company advises
that it continues to await the results of the request for annulment
("Casación") filed on January 18, 2011 by the Company's wholly
owned subsidiary in Costa Rica, IISA, with the Administrative Law
Chamber of the Supreme Court of Costa Rica, ("SALA I") against the
ruling imposed by the Tribunal Contencioso Adminastrativo
("Tribunal") on November 24, 2010. No inference should be drawn
from the advance of the Loan that the SALA I proceedings will be
resolved favourably. Caution Regarding Forward-Looking Information
and Statements Certain statements in this press release address
future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the statements. These factors
include, among others, the timing and nature of the ruling from the
SALA I, the timing and nature of any further information regarding
the Tribunal, the inherent risks involved in the exploration and
development of mineral properties, the uncertainties involved in
interpreting drilling results and other geological data,
fluctuating metal prices, the possibility of project cost overruns
or unanticipated costs and expenses, uncertainties relating to the
availability and costs of financing needed in the future, the
possibility that all necessary governmental and regulatory
approvals will not be received, and the availability of a qualified
workforce and third party contractors necessary for the development
and operation of a mine. The Company undertakes no obligation to
update these forward-looking information or statements if
circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on
forward-looking information or statements. INFINITO GOLD LTD. John
Morgan President and CEO "Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy and accuracy of this release." To view this news
release in HTML formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/June2011/20/c7753.html p
align="center" bINFINITO GOL/bbD LTD./bbr/ b600, 1100
1/bbsupst/sup/bb Street S.E./bbr/ bCalgary, Alberta T2G 1B1/bbr/
bTelephon/bbe: (403) 444-5191/b /p
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