RUSORO MINING LTD.
Suite 2164 ? 1055 Dunsmuir Street, Four Bentall Centre, Vancouver, BC V7X 1B1
Tel: 604-632-4044 Fax: 604-632-4045 Toll Free 1 800-668-0091
Website: www.rusoro.com email: info@rusoro.com
Rusoro Announces Closing of the Restructuring of its Senior Secured
Exchangeable Loan and Payment of $20 million Principal and Interest
June 11, 2010 Trading Symbol (TSX-V): RML
Vancouver, Canada - Rusoro Mining Ltd. ("Rusoro") is pleased to announce that on June 10, 2010
(?Closing Date?) it successfully closed the restructuring of its outstanding senior secured exchangeable
loan which was due to mature on June 10, 2010 (the "Loan") and has entered into a definitive
Amendment and Restatement Agreement relating to the Loan with Petropavlovsk PLC (formerly Peter
Hambro Mining PLC) as lender and agent in respect of the Loan and the other lenders. All amounts in
this news release are in United States dollars unless otherwise stated.
The syndicate of lenders includes Petropavlovsk PLC, Lansdowne U.K. Equity Fund Limited, Lansdowne
U.K. Equity Fund L.P., Lansdowne U.K. Strategic Investment Master Fund Limited, Endeavour Financial
Corporation (formerly Endeavour Mining Capital Corp.), and BlackRock Natural Resources Hedge Fund
Limited (collectively, the "Lenders").
As required in the Amendment and Restatement Agreement, Rusoro made the first principal payment
of $17 million to the Lenders on June 10, 2010, together with all accrued but unpaid interest on the
Loan to that date, which totaled $3 million. The Amendment and Restatement Agreement further provides,
among other things, that:
- Rusoro will make a second principal payment of $13 million to the Lenders by no later than July 10,
2010, together with all interest accrued from June 10, 2010 to July 10, 2010 on such amount, at the
rate of 10% per annum;
- Rusoro will make a final principal payment of $30 million (the "Reduced Principal") by no later than
June 10, 2011;
- The Reduced Principal will carry interest at the rate of 10% per annum, which will be payable in equal
installments on September 10, 2010, December 10, 2010, March 10, 2011 and June 10, 2011;
- The Loan exchange price in respect of the Reduced Principal will be adjusted from C$1.07 to
C$0.40 per Rusoro common share (subject to certain anti-dilution adjustments) effective as from
June 10, 2010; and
- On or before June 15, 2010, Rusoro will issue to the Lenders warrants to purchase 30 million Rusoro
common shares at an exercise price of C$0.40 per share, which will be allocated to the Lenders based
upon their pro rata percentage of the Reduced Principal, and will be exercisable until January 10, 2012.
ON BEHALF OF THE BOARD
?Andre Agapov?
Andre Agapov, Chief Executive Officer and President.
Forward-looking statements: This document contains statements about expected or anticipated future events and financial results that are forward-looking
in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process
and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays
or changes in plans, the occurrence of unexpected events, and the Company?s capability to execute and implement its future plans. Actual results may
differ materially from those projected by management. For such statements, we claim the safe harbour for forward-looking statements within the meaning of
the Private Securities Legislation Reform Act of 1995.
?The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.?