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Robex Resources Concludes Agreement of CAD $11.6M

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Robex Resources Concludes Agreement of CAD $11.6M

 

 

 

 

 

Robex Resources Inc. (TSX-V: RX) (FWX: RB4) is pleased to announce that it executed an agreement with African Peak Trading House Limited which will result in a €7,622,451 (11,6M Canadian dollars) loan being granted to the Company’s subsidiary Nampala S.A. through a Gold Stream Credit Agreement this will enable NAMPALA to strengthen its exploration strategy and support the investments required to improve the efficiency of the mine at Nampala. 

 

With the recently closed debt financings, the Gold Loan, which is similar to the gold loan financing of 2014, will allow Nampala to complete its financing structure with advantageous interest rate on such financing at 5% (compared to 11% in 2014). This transaction also includes the increase of Trading House’s capitalization by an aggregate amount of €7,622,451 paid by the Company on December 6, 2018.

 

The Company’s corporate structure, which remains unchanged, is described in more details in the Company’s most recent Management’s Discussion and Analysis for its 3rd quarter ended September 30, 2018, available on Sedar (www.sedar.com) and on the Company’s web site (www.robexgold.com).

This increase in capital in Trading House is a related party. The Company is relying on exemptions provided under sections 5.5 and 5.7 of Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions.  The Company has not filed a material change report at least 21 days before the closing of the transaction as the terms of the proposed transaction were finalized at the time of closing.

 

Under the Gold Loan, Nampala will deliver to the Trading House all of the doré bars extracted from the Mine over a seven years period, in payment of the capital and interest owed under the Gold Loan. The Trading House will sell the gold bars on the international open market and distribute its profits by way of intercompany dividends to the Company.

 

Posted December 7, 2018

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