Mineral Commodities Ltd
ABN 39 008 478 653
40 Murray Road North
Welshpool WA 6106, Australia
PO Box 235, Welshpool DC WA 6986, Australia
Telephone: 61 8 6253 1100
Facsimile: 61 8 9258 3601
Email: [email protected]
Web: www.mncom.com.au
23 February 2015
EXTENSION OF SHAREHOLDER LOANS
Mineral Commodities Ltd ("MRC" of "the Company") is pleased to advise that its two largest shareholders, Au Mining Ltd and Regional Management Pty Ltd, a company associated with Mr Mark Caruso the Executive Chairman and CEO of the Company, have agreed to extend the term of the loans they provided to the Company to 30 September 2015.
As disclosed in the Company's recent Quarterly Activities Report, the Company is assessing financing options for its impending expansion initiatives relating to a Garnet Stripping Plant (GSP) and a Tailings Scavenger Spiral circuit. Based on the Company's strong 2015 cash flow projections, it is expected that these will be funded by traditional debt financing. The extension of the existing shareholder loans of US$3m in total provide the Company with the flexibility to explore all options.
All other terms of the loans remain as those disclosed in the release of 30 May 2014.
For enquiries regarding this report please contact: Peter Torre - Company Secretary +61 8 6253 1100