Infinito Gold Ltd. Announces Additional Financing
19 Dezember 2011 - 1:16PM
PR Newswire (Canada)
Trading Symbol: TSX-V: IG CALGARY, Dec. 21, 2011 /CNW/ - Infinito
Gold Ltd. (the "Company") announces that it has accepted an offer
of a demand loan facility (the "Loan") for up to $830,000 from
Exploram Enterprises Ltd. ("Exploram"), its major shareholder, and
that all of the $830,000 has been advanced under the Loan.
The closing occurred promptly upon acceptance of the offer of the
Loan by Infinito as the funds were required urgently. 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 Loan is in addition to $16.1
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 funds advanced under the Loan are
expected to satisfy the Company's working capital requirements
until mid-January 2012 as the Company continues with the strategic
review announced on November 28, 2011. The Company also wishes to
announce that it has received the full, detailed decision of the
Administrative Law Chamber of the Supreme Court of Costa Rica
("SALA I") and is currently translating and evaluating its impact
on the Company's future actions. 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 extent of the Company's working capital
requirements the nature of any conditions contained in the
complete, detailed SALA I decision, the timing and nature of
further legal action initiated by the Company and the possibility
of appeals or new litigation by parties opposed to the project.
These statements are made as of the date of this release but
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."
Infinito Gold Ltd. CONTACT: INFINITO GOLD LTD.600, 1100 1stStreet
S.E.Calgary, Alberta T2G 1B1Telephone: (403) 444-5191
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