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Jan 30, 2015
Mindoro Announces Extension To Bridge Loan Maturity Date
EDMONTON, ALBERTA, January 30, 2015 - Mindoro Resources Ltd. (TSXV: MIO; Frankfurt: WKN 906167) today announced that it has arranged to extend the term of a previously announced bridge loan from January 31 to February 28, 2015.
As announced on December 17, 2014, Mindoro acquired a CDN$500,000 bridge loan from TVI Resource Development (Phils.), Inc. ("TVIRD"). Under the terms of the loan, the principal and accrued interest were due on the earlier of January 31, 2015, or upon receipt of the proceeds from a proposed $2 million convertible debenture issue to TVIRD. Mindoro and TVIRD agreed to the extension of the bridge loan due to delays in finalizing the convertible debenture. The proposed convertible debenture would be issued on similar financial terms as the bridge loan, except with a two year term and a conversion feature in accordance with the rules of the TSX Venture Exchange.
Penny Gould, CEO
Phone: +1.780.413.8187 (ext. 1)
Clayton Northey, CFO
Phone: +1.780.413.8187 (ext. 2)
Mindoro is a Tier 1 Issuer trading on the TSX Venture Exchange (MIO) and Frankfurt Stock Exchange (WKN 906167). Mindoro has a 40% interest in the Agata Mining Joint Venture and a 22% interest, plus an option to acquire an additional 25%, in the Agata Processing Joint Venture. TVIRD is operator of both joint ventures and has a 60% interest in the Agata Mining Joint Venture and the option to earn up to a 60% interest in the Agata Processing Joint Venture by meeting the earn-in requirements outlined in the June 24, 2013, press release, including producing a definitive feasibility study for a nickel processing facility. Mindoro also holds 75% interest in the Pan de Azucar Sulphur-Copper-Gold Project, Iloilo, plus 75% interest and an option to acquire an additional 25% in the Tapian San Francisco Copper-Gold Project, Mindanao.
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 or accuracy of this release.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain information set out in this News Release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe", "scheduled", "to be", "will be" and similar expressions. Forward-looking statements in this News Release are based upon the opinions and expectations of management of the Company as at the effective date of such statements. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied by such forward-looking statements. These factors include, but are not limited to, such things as inherent risks associated with the exploration and development of mining properties, ultimate recoverability of mineral reserves, timing, results and costs of exploration and development activities, availability of financial resources or third-party financing, new laws (domestic or foreign), changes in administrative practices, changes in exploration plans or budgets, and availability of equipment and personnel.
Various risks to which the Company is exposed in the conduct of its business (including mining activities) are described in detail in the Company's Annual Information Form for the year ended December 31, 2013, which was filed on SEDAR on March 31, 2014 and is available under the Company's profile at www.SEDAR.com. Subject to applicable securities laws, the Company does not undertake any obligation to publicly revise the forward-looking statements included in this News Release to reflect subsequent events or circumstances.
You can view the Next Press Releases item: Fri Mar 13, 2015, Mindoro's Agata Project Completes Two More High-Iron/Low Nickel Dso Shipments
You can view the Previous Press Releases item: Fri Jan 9, 2015, Mindoro Joint Venture Completes Two Additional Shipments of Nickel Ore and Signs Offtake Agreement to Sell Higher Grade DSO at Agata Project
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