Infinito Gold Ltd. Announces Additional Financing
08 Oktober 2012 - 9:16AM
PR Newswire (Canada)
Trading Symbol: TSX-V: IG CALGARY, Oct. 10, 2012 /CNW/ - Infinito
Gold Ltd. (the "Company" or "Infinito") announces that it has
accepted an offer of a demand loan facility for $250,000 (the
"Loan") from Exploram Enterprises Ltd. ("Exploram"), its major
shareholder, and that all of the $250,000 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"). The Loan is
non-interest bearing. The Loans are in addition to $17.7 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
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 Loan are expected to satisfy the Company's
immediate working capital requirements into mid October 2012 as the
Company continues with its corporate restructuring efforts as
disclosed in its condensed consolidated interim financial
statements dated June 30, 2012 and its audited consolidated
financial statements dated March 31, 2012, both of 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. 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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