| 8-Dec-2014 Loan Facility and Cash Call Payment | |
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ASX ANNOUNCEMENT
8 December 2014 ASX Code: AGS
LOAN FACILITY & CASH-CALL PAYMENT
Alliance Resources Limited (ASX: AGS) ("the Company") is pleased to advise that it has entered into an agreement with Gandel Metals Pty Ltd ("Gandel Metals"), a company related to a director of the Company, Mr Ian Gandel, to secure immediate access to a loan facility of $1,278,184 ("Loan").
The Loan is unsecured, interest free and no fees are payable in connection with it.
If the take-up of shares under the non-renounceable rights issue announced on 2 December
2014 ("Rights Issue") exceeds 50% it is the intended that the Loan be repaid by being set off against the amount otherwise payable by Gandel Metals related entity Abbotsleigh Proprietary Limited ("Abbotsleigh") upon it subscribing for its entitlement under the Rights Issue. If this does not occur the parties will, in good faith, renegotiate repayment terms on an arms' length basis, including an appropriate interest rate.
The funds drawn under the Loan have been used to assist Alliance Craton Explorer Pty Ltd ("ACE") meet the November cash-call for the Four Mile Project, the full amount of which has been paid today. This cash-call was the final call under the 2014 program and budget for the Four Mile Project.
As previously advised (refer ASX Announcements 20 & 25 November 2014) ACE elected not to contribute to the 2015 program and budget for Four Mile. Accordingly, ACE will not be making any further cash-calls until after the approval of the next program and budget for the Four Mile Project (which is expected to be for the 2016 calendar year).
For and on behalf of the Board.
Steve Johnston
Managing Director
Suite 3, 51-55 City Road
Southbank, VIC, 3006
P +61 3 9697 9090 F +61 3 9697 9091 [email protected] www.allianceresources.com.au ABN 38 063 293 336
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Alliance Resources Ltd.
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DEVELOPMENT STAGE |
CODE : AGS.AX |
ISIN : AU000000AGS2 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Alliance Res. is a gold development stage company based in Australia. Alliance Res. develops gold and uranium in Australia, and holds various exploration projects in Australia. Its main asset in development is FOUR MILE in Australia and its main exploration properties are WARRINA, EAST FROME and MALDON in Australia. Alliance Res. is listed in Australia. Its market capitalisation is AU$ 18.3 millions as of today (US$ 13.2 millions, € 11.5 millions). Its stock quote reached its highest recent level on February 24, 2012 at AU$ 0.62, and its lowest recent point on October 21, 2016 at AU$ 0.01. Alliance Res. has 104 290 000 shares outstanding. |