Infinito Gold Ltd. Announces Additional Financing and Management Changes
11 April 2012 - 3:30PM
PR Newswire (Canada)
Trading Symbol: TSX-V: IG CALGARY, April 11, 2012 /CNW/ - Infinito
Gold Ltd. (the "Company" or "Infinito") announces that it has
accepted an offer of a demand loan facility for $200,000 (the
"Loan")from Exploram Enterprises Ltd. ("Exploram"), its major
shareholder, and that all of the $200,000 has been advanced to the
Company. The closing occurred promptly upon acceptance of
the offer 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 Loans are in addition to $17.3
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 April 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 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 and
the reduced requirement for management time, that Mr. John Morgan,
President and CEO, is taking the position of Interim President and
CEO of Infinito Gold Ltd. In this capacity Mr. Morgan will
significantly reduce the amount of time he spends on Company
business to reflect the reduced demands for management time.
Similarly Mr. Brian Orgnero, Vice President Finance and CFO, has
accepted a role with Infinito's major shareholder effective April
1, 2012. With the consent of the Board of Directors both Mr. Morgan
and Mr. Orgnero will continue to fulfill their revised respective
duties with the Company while the reduced time commitments will
allow them to pursue other initiatives. The Board of Directors and
the Company look forward to continuing to work with Mr. Morgan and
Mr. Orgnero in their new capacities with the Company while wishing
them success in their new 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
Copyright
(TSXV:IG)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
(TSXV:IG)
Historical Stock Chart
Von Jul 2023 bis Jul 2024
Echtzeit-Nachrichten über (TSX Venture Börse): 0 Nachrichtenartikel
Weitere Infinito Gold Ltd. News-Artikel