Infinito Gold Ltd. Announces Additional Financing
29 Februar 2012 - 1:53PM
PR Newswire (Canada)
Trading Symbol: TSX-V: IG CALGARY, March 1, 2012 /CNW/ - Infinito
Gold Ltd. (the "Company" or "Infinito") announces that it has
accepted an offer of a demand loan facility for $260,000 from
Exploram Enterprises Ltd. ("Exploram"), its major shareholder, and
that all of the $260,000 has been advanced to the Company.
The closing occurred promptly upon acceptance of the offer by
Infinito as the funds were required urgently. This demand loan
facility is in addition to a $150,000 demand loan entered into on
January 12, 2012 by Infinito (collectively the "Loans"). The
indebtedness under the Loans 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 Loans are in addition to $16.9
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 Loans is repayable on demand at any time and may be
prepaid in whole or in part without penalty. In addition, all
indebtedness under the Loans 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 Loans are
expected to satisfy the Company's immediate working capital
requirements into March of 2012 as the Company continues with its
corporate restructuring efforts as disclosed in its interim
financial statements dated December 31, 2011, which are available
on SEDAR (www.sedar.com). The Company continues to undertake a
detailed and continuous budgeting and review process. The Company
will continue to work with its major shareholder to secure funding
on a short-term basis to be used to finance operations as the
Company works to minimize its ongoing cash requirements and quickly
realize the maximum value from selected portions of its property,
plant and equipment. Further funding is at the sole discretion of
the Company's major shareholder. The Company also announces that as
a result of the ongoing delays faced by the Company in Costa Rica,
Mr. John Thomas, Vice president of Operations, will be leaving
Infinito effective February 29, 2012. The Board of Directors and
the Company wish to thank Mr. Thomas for his dedication and hard
work for the past seven years and wish him well in his future
endeavours. 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 Company's
ability to access further short-term financing, 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 1st Street S.E.Calgary, Alberta T2G
1B1Telephone: (403) 444-5191
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