Vancouver, B.C., November 2, 2015 - Dynasty Metals & Mining Inc. ('Dynasty' or the 'Company') (TSX: DMM, OTCQX: DMMIF) announced today that it has reached agreement with investment funds managed by Vertex One Asset Management Inc. ('Vertex') to amend certain terms of the note purchase agreement dated June 22, 2015 (the 'Note Agreement').
Under the amended terms, repayments of principal under the promissory notes issued pursuant to the financing have been deferred by nine months such that principal is now repayable by Dynasty in eight equal monthly installments commencing on July 29, 2016 and ending on February 28, 2017. Additionally, in consideration for the deferral, the expiry date of the 600,000 common share purchase warrants of Dynasty (the 'Warrants') which were previously issued to Vertex on June 22, 2015 has been extended from June 22, 2017 to March 22, 2018. The original exercise price of the Warrants has also been amended from $0.73 to $0.31 per share. The amendments to the Warrant terms will become effective November 16, 2015. Other terms of the original Note Agreement remain unchanged (see press release dated June 22, 2015 for a description of the original terms).
Robert Washer, President and Chief Executive Officer of Dynasty, commented: 'The deferral of principal repayments under the Note Agreement provides us with improved financial flexibility to continue our existing development plan at the Zaruma Project. This will enable the Company to continue pushing the decline further to access a greater number of veins and mining fronts to increase production thereby increasing cash flow and profitability.'
About Dynasty Metals & Mining Inc.
Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the exploration and development of mineral properties in Ecuador.
The Company is currently focused on developing its Zaruma Gold Project, at which the Company is engaged in intermittent production. The Company also has the following non-producing assets: the Jerusalem Project and Dynasty Goldfield Project.
For further information please visit the Company's website at a href='http://www.dynastymining.com' target='_blank'>www.dynastymining.com, or please contact:
Forward-Looking Information
This news release contains statements which are, or may be deemed to be, 'forward-looking information' which are prospective in nature. Often, but not always, forward-looking information can be identified by the use of forward-looking words such as 'plans', 'expects' or 'does not expect', 'is expected', 'scheduled', 'estimates', 'forecasts', 'projects', 'intends', 'anticipates' or 'does not anticipate', or 'believes', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'should', 'would', 'might' or 'will' be taken, occur or be achieved. Such information in this news release includes, without limitation, statements regarding the expected benefits to be derived by the Company as a result of the amendment to the Note Agreement versus the additional costs associated therewith, , the Company's future plans and expectations relating to future exploration and extraction work at the Zaruma Mine, and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations and are not guarantees of future performance. The Company cautions that all forward-looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among others, risks and uncertainties relating to exploration and development; the risk that Dynasty may not achieve consistent results in terms of expected production volume and expected grade of mineral material; risks that there may be additional factors that delay or deter Dynasty's ability to continue to advance its main decline at the Zaruma Project; cash flow risks and other risks and uncertainties, including those described in the Company's Annual Information Form dated March 31, 2015 and other continuous disclosure filings which are available at www.sedar.com. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and the Company is under no obligation to update or alter any forward-looking information, except as may be required by applicable securities laws.