News Release; also nice move to $1.70.
Dan
First Quantum Minerals Ltd -
First Quantum debt settlement; loan extended
First Quantum Minerals Ltd
FM
Shares issued 24,656,037
1999-12-14 close $1.5
Wednesday Dec 15 1999
Mr. Michael Philpot reports
First Quantum Minerals has entered into a debt settlement agreement, subject to
regulatory approval, with one creditor of its wholly owned subsidiary, Sumtech PVT
Ltd. Under the agreement, $35,000 (U.S.) cash will be paid and 396,000 common
shares will be issued at a deemed price of $1.34 per share to the creditor, in
satisfaction of indebtedness totalling $392,584 (U.S.). Any shares issued pursuant to
the debt settlement will be subject to a hold period expiring 12 months from the date
of issuance.
First Quantum has received regulatory approval for the extension of the Gerald
convertible loan as previously announced in Stockwatch Oct. 25, 1999. The term of
the loan has been extended for a period of one year, from Sept. 30, 1999, to Sept.
30, 2000. First Quantum will retire the balance of principal outstanding through
payments of $83,333 per month commencing Nov. 9, 1999, and on the ninth day of
each subsequent month, ending on Sept. 9, 2000. Interest on the outstanding balance
will be paid monthly at a rate of LIBOR plus 3.25 per cent. As consideration for the
extension, First Quantum has agreed to issue Gerald a bonus of 150,000 warrants
exercisable at a price of $1.25 on or before Sept. 9. 2001. Any shares issuable upon
exercise of the Gerald warrants will be subject to a hold period expiring one year
from closing.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
