LONDON (Alliance News) - Arian Silver Corp on Tuesday said it has made progress in securing financing and has signed a letter of intent and non-binding term sheet with Quintana AGQ Holding Co LLC.
Arian Silver issued Quintana with a USD16.5 million convertible note in October last year, and the pair have now signed a deal to negotiate on amending the investment agreement between them and restructuring the loan note.
Arian Silver said it is envisaged the loan note will be amended to accommodate up to USD10.0 million in additional financing from Quintana, the proceeds of which Arian will use to back its work on silver mines in the Zacatecas silver belt in Mexico.
Shares in Arian Silver were up 41% to 10.07 pence on the news, the best performer in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
