Marengo secures more funds from Sentient
PERTH (miningweekly.com) – ASX- and TSX-listed Marengo Mining has secured a further $3-million in funding after signing a loan agreement with major shareholder Sentient.
Under the terms of the loan agreement, Sentient would provide Marengo with a loan facility of $3-million, at a monthly interest rate of 9% a year, payable quarterly.
Subject to shareholder and regulatory approvals, the principal and interest on the loan could be payable through the issue of common shares or other securities convertible into shares of Marengo.
The maturity date of the loan is December 31 this year.
Marengo said on Wednesday that the capital would be used to fund working capital requirements and for general corporate purposes.
The loan followed a $27.5-million refinancing transaction completed with Sentient in January this year, under which Sentient converted an unsecured interest-bearing debt facility to the amount of $10-million, along with interest of some $387 766 thereon, into new debentures.
The shareholder also exchanged its aggregate principal amount of $16.3-million outstanding debentures, along with the interest of $821 855 thereon, for new debentures, while providing Marengo with a letter of support to ensure that the firm had sufficient funds to maintain solvency for the next 12 months.
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