Followers | 0 |
Posts | 295 |
Boards Moderated | 0 |
Alias Born | 01/09/2011 |
Tuesday, February 26, 2013 10:06:24 PM
February 26, 2013
Toronto, Canada, February 26, 2013: Rodinia Lithium Inc. (“Rodinia” or the “Company”) (TSX-V: RM) is pleased to announce it has entered into a $2.0 million stand-by credit facility (the “Credit Facility”) with Aberdeen International Inc. (“Aberdeen”). Aberdeen is currently a significant shareholder of Rodinia, is a long-time supporter of the Company, and is a member of the Forbes & Manhattan Inc. group of companies.
Under the Credit Facility, Rodinia has the ability to draw down amounts up to a maximum of $2.0 million (subject to the terms of the Credit Facility), with repayment of any draw down to be made by February 25, 2016. Any amounts drawn down will bear interest at 10% per annum, payable quarterly in arrears, with the first installment due on June 30, 2013. As at September 30, 2012 (the Company’s most recent financial statements for the third quarter), the Company had $621,000 in cash and no debt. Rodinia expects that its current funding will be sufficient to fund its operations through the delivery of a revised National Instrument 43-101 Mineral Resource Estimate and Feasibility Study for its Salar de Diablilos lithium-potash project in Salta, Argentina.
“The Credit Facility is a tremendous vote of confidence from one of our largest shareholders. It insulates us from market uncertainty and provides a ready source of non-dilutive funding, if required, in the future,” said Aaron Wolfe, Vice President Corporate Development of Rodinia. “We very much appreciate the on-going support of one of the Company’s longest and largest shareholders as we continue to achieve our short term milestones.”
In consideration for Aberdeen’s commitment under the Credit Facility, Rodinia has agreed to secure the Credit Facility against its Salar de Centenario assets. No fees or warrants have been issued in relation to the establishment of the Credit Facility. Promptly after signing the Credit Facility, the Company will draw down $300,000 from the line of credit.
Aberdeen is a non-arm’s length party; as such term is defined by the TSX-Venture Exchange, as Aberdeen and Rodinia have a common senior officer.
Recent DEFTF News
- Form F-X/A - Appointment of Agent for Service of Process and Undertaking: [Amend] • Edgar (US Regulatory) • 09/16/2024 01:27:55 PM
- Form 40FR12B - Registration of a Class of Securities of certain Canadian issuers [Section 12(b)] • Edgar (US Regulatory) • 09/16/2024 10:47:04 AM
- Form RW - Registration Withdrawal Request • Edgar (US Regulatory) • 09/11/2024 09:00:03 PM
- Worldcoin Surges on Regulatory Wins, MicroStrategy Expands BTC Holdings, and More Crypto News • IH Market News • 06/20/2024 06:35:23 PM
- Crypto: SushiSwap Launches Sushi Labs with New Council Structure, PancakeSwap Introduces Gas-Free Transactions • IH Market News • 06/11/2024 06:05:42 PM
- Shares of DeFi Firm Trading Up in Late Day Action • AllPennyStocks.com • 06/03/2024 08:30:00 PM
- Shares Up as Firm Launches First Short Spot Bitcoin ETP in the Nordics • AllPennyStocks.com • 04/18/2024 04:55:00 PM
- Will ETP Launch Send Shares of this DeFi Firm Higher? • AllPennyStocks.com • 03/18/2024 01:50:00 PM
- DeFi Firm Announces Market Share Increase and AUM Growth • AllPennyStocks.com • 11/13/2023 01:00:00 PM
FEATURED Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • Sep 18, 2024 10:29 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM
North Bay Resources Announces Mt. Vernon Gold Mine Bulk Sample, Sierra County, California • NBRI • Sep 11, 2024 9:15 AM
One World Products Issues Shareholder Update Letter • OWPC • Sep 11, 2024 7:27 AM