| 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 est une société développant des projet miniers de cuivre basée au Canada. GobiMin est productrice de cuivre, de nickel en Chine, et détient divers projets d'exploration en Chine. Son principal projet en production est HUANGSHAN DONG en Chine et ses principaux projets en exploration sont HUANGSHAN, YANXI et XIANSHAN en Chine. GobiMin est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 92,1 millions CA$ (73,6 millions US$, 64,5 millions €). La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2007 à 4,24 CA$, et son plus bas niveau récent le 09 septembre 2021 à 0,19 CA$. GobiMin possède 50 310 000 actions en circulation. |