| GobiMin Inc.'s Subsidiary Enter into a Loan Agreement | |
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Toronto, Canada. April 7, 2016 - (TSXV: GMN) GobiMin Inc. (the 'Company' or 'GobiMin') announces that its subsidiary, GobiMin Silver Limited ( 'GSL'), has entered into a loan agreement with China Precision Material Limited ( 'CPML'), a non-arm's length party, with respect to a USD4,000,000 revolving, term loan facility bearing an interest rate of 3.5% per annum in favor of CPML (the 'Loan'). GSL owns a 38.30% indirect equity interest in CPML, which engages in the trading of metals, predominately silver, in Hong Kong.
The Loan will have an initial 6-month term ending on October 6, 2016 and may be extended by mutual consent. GobiMin may demand repayment of principal and interest anytime with a 3 days' notice.
The Loan is considered a 'related party transaction' under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ('MI 61-101'). The Company is relying on Sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, for exemptions from the formal valuation and minority approval requirements under MI 61-101, as the amount of the Loan to CPML does not exceed 25% of the Corporation's market capitalization.
Closing of the Loan is subject to receipt of all applicable regulatory and exchange approvals.
For further information, please contact:
Felipe Tan, Chief Executive Officer
Tel: (852) 3586-6500
Email:
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GobiMin Inc.
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CODE : GMN.V |
ISIN : CA38020T1021 |
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GobiMin is a copper development stage company based in Canada. GobiMin produces copper, nickel in China, and holds various exploration projects in China. Its main asset in production is HUANGSHAN DONG in China and its main exploration properties are HUANGSHAN, YANXI and XIANSHAN in China. GobiMin is listed in Canada and in United States of America. Its market capitalisation is CA$ 92.1 millions as of today (US$ 73.6 millions, € 64.5 millions). Its stock quote reached its highest recent level on December 31, 2007 at CA$ 4.24, and its lowest recent point on September 09, 2021 at CA$ 0.19. GobiMin has 50 310 000 shares outstanding. |