LONDON (Alliance News) - Arian Silver Corp said Thursday detailed provisional terms of an amendment to its loan note with Quintana AGQ Holding Co LLC, which are intended to make an additional USD10 million available to the company, although the amendment is still subject to a final acceptance from both companies and the Toronto Venture Stock Exchange.
Under the amendment it is envisaged that the loan note that was issued by Quintana last October will be increased by an initial USD1.5 million, with additional amounts up to a total of USD10 million to be made available to Arian under some terms and conditions. Arian said it is expected that all additional loan notes will be issued on substantially the same terms as the existing note.
The company added that it expects the maturity date of the loan note to be extended by four years, and the effective interest rate to be set at 12% per year, payable from January 2017.
Shares in Arian Silver were up 15% at 10.75 pence Thursday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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