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so far so good today :)- CHEERS MAN...
i spose it can go lower but if anything theres gonna be a huge bounce soon, it cant go one way for ever without one...gl2u2
ive decided to come back in here buying all i can under 6...cheers all
LeadFX suitor Sentient files early warning report
2018-07-24 11:52 ET - News Release
An anonymous director reports
SENTIENT IV FILES EARLY WARNING REPORT IN RESPECT OFLEADFX INC.
Sentient Executive GP IV Ltd. (for the general partner of Sentient Global Resource Fund IV LP) has filed an early warning report in connection with the holdings of the following entities in LeadFX Inc., which may, for these purposes, be considered to be acting jointly or in concert with Sentient IV under relevant securities laws: Sentient Executive GP I Ltd., Sentient (Aust.) Pty. Ltd., Sentient Executive GP II Ltd., Sentient Trustees PTC Ltd. and Sentient Executive GP III Ltd. (collectively, with Sentient IV).
The early warning report has been filed following the announcement by LeadFX earlier today of a proposed go-private transaction to be completed by way of a statutory plan of arrangement pursuant to Section 192 of the Canada Business Corporations Act. If the arrangement becomes effective, then Sentient and InCoR (as defined herein) will, together, own or control or have direction over 100 per cent of the common shares of LeadFX. Sentient may also be considered to be acting jointly or in concert with InCoR Energy Materials Ltd. and InCoR Technologies Ltd. in relation to the arrangement.
The arrangement includes, among other things, a consolidation of the LeadFX shares on the basis of five million preconsolidation LeadFX shares for one postconsolidation LeadFX share. Shareholders of LeadFX, other than Sentient and InCoR, who would otherwise receive less than one whole postconsolidation LeadFX share in exchange for their preconsolidation LeadFX shares will be entitled to receive, in lieu of fractional LeadFX shares, cash consideration of $1 for each preconsolidation LeadFX share.
The arrangement also provides for, among other things: (i) the cancellation of all outstanding options to acquire LeadFX shares; (ii) the cancellation of all unexercised common share purchase warrants of LeadFX; and (iii) the cancellation of all performance share units to acquire LeadFX shares then outstanding, provided, however, that (a) if the previously issued stage 3 warrant to acquire 5.75 million LeadFX shares held by InCoR (refer the umbrella agreement dated June 20, 2017, as filed on LeadFX's SEDAR profile) has not previously been exercised in accordance with its terms, then it will deemed to be exercised without any further action by InCoR and InCoR will be issued 5.75 million preconsolidation LeadFX shares, and (b) 269,000 performance share units shall be deemed to be unconditionally vested and exercised, without any further action by the holder(s) thereof, into 269,000 preconsolidation LeadFX shares.
Assuming the completion of the arrangement, the LeadFX shares are expected to be delisted from the Toronto Stock Exchange and LeadFX is expected to make an application to the applicable securities commissions for an order that it is not a reporting issuer (or equivalent) in any jurisdiction of Canada.
The foregoing assumes that the arrangement will be completed on substantially the terms disclosed in LeadFX's press release disseminated on July 23, 2018.
Prior to and after the transaction or occurrence that triggered the requirement to file this report, Sentient had ownership or control over 36,609,182 LeadFX shares, representing approximately 52.6 per cent of the outstanding LeadFX shares on a basic basis and 144,973 LeadFX warrants, representing, together with the existing Sentient holdings, approximately 52.7 per cent of the outstanding LeadFX shares on a partially diluted basis (assuming only the exercise of the LeadFX warrants held by Sentient). In addition, prior to and after the transaction or occurrence that triggered the requirement to file this report, InCoR had ownership or control over 27,306,475 LeadFX shares, representing approximately 39.2 per cent of the outstanding LeadFX shares on a basic basis and 5,879,131 LeadFX warrants, representing, together with the existing InCoR holdings, approximately 44.0 per cent of the outstanding LeadFX shares on a partially diluted basis (assuming only the exercise of the LeadFX warrants held by InCoR).
Prior to and after the transaction or occurrence that triggered the requirement to file this report, Sentient and InCoR had ownership or control over an aggregate of 63,915,657 LeadFX shares, representing approximately 91.8 per cent of the outstanding LeadFX shares on a basic basis and 6,024,104 LeadFX warrants, representing, together with the existing Sentient holdings and existing InCoR holdings, approximately 92.5 per cent of the outstanding LeadFX shares on a partially diluted basis (assuming only the exercise of the LeadFX warrants held by Sentient and InCoR).
love that white candle developing....cheers
can someone cleanup the IBOX please?...cheers all
keep in mind that the oil sector was nuked today....i still think we get tons of news of all kinds soon and a nice steady drift upwards...cheers
check this out...$14.00 bucks here we come...lmfao
http://stockcharts.com/freecharts/pnf.php?c=ssof,PRTBDANRNO[P][D][F1!3!!!2!20]
this is going to turn into a PR machine with every new rig deal...buy as much as you can while things are quiet...cheers all
$$$$WOOOOOOO$HOOOOOOO$$$$.....CHEERS MAN....
LeadFX arranges $2.91-million private placement
2018-07-09 20:30 ET - News Release
Mr. Andrew Worland reports
LEADFX ANNOUNCES PRIVATE PLACEMENT
InCoR Energy Materials Ltd. has signed a term sheet for the issuance of 3,643,008 common shares in LeadFX Inc. at a price of 80 cents per common share.
The placement proceeds of $2,914,406 are expected to be applied toward early engineering works and metallurgical testwork programs for the Paroo Station lead mine, and general corporate and working capital needs of the company. The placement is anticipated to close in two tranches -- 50 per cent of the placement to close after July 13, 2018, but before July 20, 2018, and the remainder to close on or before July 31, 2018.
The placement is subject to: (i) executing definitive documentation; (ii) no order, ruling or decision being issued or granted by a court or regulatory or administrative authority that has the effect of precluding or restricting the issuance or trading of the common shares, or that affects any person or company who engages in such a trade; (iii) the receipt of all regulatory approvals, including, but not limited to, Toronto Stock Exchange approval; and (iv) customary conditions for an offering of this type.
Following the placement, the company's capital structure (excluding "out-of-the-money options" and performance share units) would be as shown in the attached table.
Common shares Placement Common shares Warrants Stage 3 Warrants Fully Interest
at the date common issued after exercised warrants exercisable diluted in fully
hereof shares placement at 61 at $1.75 per equity diluted
cents per common share equity
common share
Sentient 36,609,182 - 36,609,182 - - 114,973 36,724,155 46.3%
InCoR 26,085,728 3,643,008 29,728,736 1,220,747 5,750,000 129,131 36,828,614 46.5%
Other 5,700,056 - 5,700,056 - - - 5,700,056 7.2%
Total 68,394,966 3,643,008 72,037,974 1,220,747 5,750,000 244,104 79,252,825 100.0%
LeadFX cash at $379,000 (U.S.) on March 31
2018-05-15 20:30 ET - News Release
Mr. Andrew Worland reports
LEADFX REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS
LeadFX Inc. has released its first-quarter 2018 financial results (all dollar amounts are in thousands and U.S. dollars unless otherwise indicated).
The Company's principal asset and sole production stage mineral property is the Paroo Station Lead Mine ("Paroo Station" or the "Mine") located 30km west of Wiluna in the mid-west of Western Australia. The Mine was placed in care and maintenance in the first quarter of 2015. The Company also owns an 83.5% interest in Chief Consolidated Mining Company ("Chief"), an Arizona company with interests in mineral properties in Utah ("Chief Properties").
The primary focus of the Company has been examining initiatives to re-start the Mine, most specifically focusing on supporting InCoR's commitment to complete a definitive feasibility study ("DFS") to assess the viability of constructing and operating a Hydrometallurgical Facility on site to produce 70,000 tpa of lead metal in ingot form.
InCoR contracted SNC-Lavalin Australia Pty Ltd ("SNC-Lavalin") to prepare the DFS and it was successfully completed on February 28, 2018. The results of the DFS were outlined in the press release dated February 28, 2018, the Company's Annual Information Form, Annual Financial Statements and Management Discussion and Analysis each dated March 28, 2018 and the Independent National Instrument 43-101 Technical Report, titled, "NI 43-101 Technical Report on the Paroo Station Lead Carbonate Mine, Wiluna, Western Australia" filed on April 12, 2018.
The DFS demonstrated the technical and economic feasibility of constructing and operating a Hydrometallurgical Facility at the Mine. The Hydrometallurgical Facility would involve the leaching and electrowinning of lead concentrates produced by the existing mine and milling operation to produce lead ingots. This would have the effect of eliminating many of the operating and financial risks that have caused the Mine to be placed on care and maintenance in the past, as well as improving the overall project economics.
(in thousands of U.S. dollars, except per share amounts)
3 months ended March 31,
2018 2017
Cashflow used in operations (1,098) (932)
Cashflow from (used in) investing activities - 456
Cash flows from financing activities 465 1,985
Effect of exchange rate changes on cash and cash equivalents(11) 36
Net change in cash (644) 1,545
Cash on hand 379 2,529
Net loss before tax (3,303) (2,871)
The net loss before tax for the Quarter year was $3,303 (2017: $2,871). Operating loss for the Quarter was $2,992 (2017: $1,967) reflecting lower Mine care and maintenance and general administration costs offset by the recording of a $1.5 million expense reflecting the accounting for warrants issued pursuant to the private placement announced on December 14, 2017.
Cash on hand at the end of the Quarter was $379 (2017: $1,023). The Mine remained on care and maintenance during the Quarter. The Company's activities during the Quarter were financed from cash reserves on hand at the start of the Quarter and tranche 2 of the private placement announced on December 14, 2017 ($465). There were no cash flows from investing activities during the Quarter.
Outlook
Additional financing will be required to meet our strategic growth plans, ongoing costs and loan commitments of the Company. Subject to arranging financing , the Company is seeking to move into a an early works program of engineering and design for the Hydrometallurgical Facility as well as undertaking a further closed cycle pilot plant. Discussions with project financiers have been initiated.
Capital Resources, Liquidity and Working Capital Requirements
As at March 31, 2018 the Company has a working capital deficit of $25.3 million (December 31, 2017 - $24.2 million) which includes $16.3 million (December 31, 2017 - $15.9 million) owing to Sentient under the Second Amended and Restated Credit Agreement. Neither the Mine nor the Chief properties are operational or generating revenue.
On February 26, 2018 LeadFX, Rosslyn Hill Mining Pty Ltd, Ivernia Australia Pty Ltd, Redback Pipeline Pty Ltd and Sentient entered into an amendment ("Amendment") to the Second Amended and Restated Credit Agreement to extend the maturity date for re-payment of the indebtedness outstanding to Sentient. In accordance with the Amendment, the indebtedness becomes due and payable on the earlier of March 31, 2019 or financial close being achieved for the financing of the planned Hydrometallurgical Facility at the Mine. Financial close is defined as being the date on which the Company has demonstrated it has fully funded the Hydrometallurgical Facility and conditions to first drawdown on debt facilities, if any, for the construction of the Hydrometallurgical Facility have been met. The indebtedness will continue to incur interest at 10% per annum until its maturity.
Notwithstanding the gross proceeds of the placements described herein received by the Company during 2017 and 2018 or the sale of Mining Data in December 2017, the Company has limited cash available, other than to meet near term obligations, and will require additional funding in the near term.
The Company's ability to continue as a going concern is dependent on a number of factors. The Company will need to raise funds in order to pay for its ongoing costs of operations as well as service its working capital deficiency, meet its commitments to lenders, and meet the costs of care and maintenance. In addition, the Company will require funding for any potential future restart of the Mine, construction of a Hydrometallurgical Facility and development of the Company's mineral project. The amount of funding required is dependent on several factors including, but not limited to, the nature of any refinancing of the Second Amended and Restated Credit Agreement, the nature of any additional transactions undertaken by the Company to realize the value of the Company's assets, the outcome of further negotiations with the Company's lenders, the costs and duration of care and maintenance, any decision to pursue a Hydrometallurgical Facility at the Mine, and the cost of bringing the Company's mineral projects into production.
There is no guarantee or assurance that the Company will be able to (i) refinance the Second Amended and Restated Credit Agreement, (ii) secure sufficient financing to fund its commitments to its lenders, general and administrative costs and the costs of ongoing care and maintenance, the costs of any potential future restart of operations or the costs of bringing its mineral projects into production or (iii) complete any further transactions.
If the Company is unable to obtain sufficient funds and repay debts from either one or more of these actions, it would affect its ability to continue as a going concern. A decision to restart the Mine and construct a Hydrometallurgical Facility will be contingent on several factors including, but not limited to, a review of the outcomes of the DFS, forecast capital and operating costs, the LME lead price, and the USD:AUD foreign exchange rate. A decision to commence development of the Company's mineral projects will be contingent on several factors including, but not limited to, overall project economics, commodity prices, the estimated recoverable minerals from the mineral projects, the projected cost to develop these projects and obtaining funding to finance these costs.
These material uncertainties cast significant doubt as to the Company's ability to continue as a going concern. As at March 31, 2018, the consolidated financial statements do not reflect any adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary should the going concern assumption be inappropriate. Such adjustments could be material.
Shares issued and outstanding
As at March 31, 2018, there are 66,753,204 Common Shares, no preferred shares, 8,124,301 Warrants and 106,666 options outstanding.
InCoR exercised the first tranche of Warrants totaling 23,000,000 on February 28, 2018 pursuant to the Umbrella Agreement dated June 20, 2017.
LeadFX completes Sentient's 229,946-unit subscription
2018-05-08 18:09 ET - News Release
Mr. Andrew Worland reports
LEADFX ANNOUNCES PART CLOSING OF PRIVATE PLACEMENT
LeadFX Inc. has closed in part the private placement announced April 9, 2018.
Sentient Global Resources Fund IV, LP ("Sentient") has subscribed to 229,946 units of the Company, each unit being comprised of one (1) common share of the Company ("Common Share") and one half Common Share purchase warrant ("Warrant") for each one (1) Common Share issued (hereinafter, a "Unit").
The Company has today closed Sentient's contribution. InCoR Energy Metals Limited's ("InCoR") subscription to 258,262 Units is expected to close in the coming days. The Units have been issued to Sentient, and will be issued to InCoR, at $1.40 per Unit by way of a non-brokered private placement for gross proceeds of approximately $683,491 (the "Offering"). Each whole warrant will entitle the holder thereof to purchase one (1) additional Common Share at a price of $1.75 for a period of 60 months from their respective closing dates of the Offering.
Proceeds from the Units will be applied toward general corporate and working capital needs of the Company.
Annual General Meeting
The Company's Annual and Special Meeting of shareholders is scheduled for May 15, 2018. It has come to the attention of the Company that the Management Information Circular dated April 12, 2018 incorrectly specified the record date as April 12, 2018. The correct record date is April 10 , 2018 and shareholders of record as at 5:00pm (Toronto time) on April 10 , 2018 will be entitled to vote.
"septic vacuum" huggy ur killin me....cheers
I don't want to see clay for at least a week...lol
well we just hit the breakout board too...cheers man
we are on active boards and buzz cloud now....yeah baby....cheers
we are on buzz cloud....weeeeeeeeeeeeeeeeeeeeee!!!!!!!!!!!!
this is getting exciting...cheers all....GO PERRY GO!!!!!
Good morning NBRI'ers....cheers
huggy i will not get in a pissing contest with you on your bad feelings for Perry and NBRI in general...but i will say todays a new day and things dont ever stay the same...everyones lost money, thats part of investing but you cant let it eat you up...i always try to look foward and spend very little time looking back...cheers and gl2u
ubet it can...lets face it...ruby was a real ball buster...but you cant blame it all on Perry...he gave it a good go and it didnt workout...NBRI still sits on some very nice claims that we should be hearing something on soon...so from .0001 to .01 is a long nice ride in itself and who knows what might happen...cheers all
Billionaire girds for stock-market crash by investing half his net worth in gold
May 1, 2018 12:22 p.m. ET
Egyptian billionaire Naguib Sawiris isn’t your typical gold bug.
The chairman of Orascom Telecom Media and Technology Holding S.A.E. told Bloomberg in an interview from Cairo this week that he sees gold GCM8, -0.93% surging up to $1,800 an ounce while the “overvalued” stock market hits the skids.
At last check, gold was down almost 1% at $1,307 an ounce while the Dow DJIA, -0.61% and S&P SPX, -0.11% were getting hit hard in Tuesday’s session.
Sawiris, Egypt’s second-richest man behind his younger brother, is putting his money where his mouth is, investing half his $5.7 billion net worth in gold.
“In the end you have China and they will not stop consuming,” he said. “And people also tend to go to gold during crises and we are full of crises right now. Look at the Middle East and the rest of the world and Mr. Trump doesn’t help.”
Sawiris has grown his substantial wealth by investing in Egypt’s telecom sector as well as in less popular markets like Iraq, Pakistan, Bangladesh and even North Korea, where a peace deal could deliver him nice profits, according to Bloomberg.
https://www.marketwatch.com/story/billionaire-girds-for-stock-market-crash-by-investing-half-his-net-worth-in-gold-2018-05-01
yeah, im thinking about calling Perry this week and seeing if he will offer any info on his plans...he will be pretty tight lipped im sure but maybe he will offer something and i will post it...cheers
nice, the eyeballs are starting to roll by....cheers bud
yep, news will send it and from these levels anything can happen...time to just sit back and "smoke 'em if ya got 'em" ...cheers
thanks, i forgot the link...i just put it in the ibox too...cheers
Perry updated all recent filings...
FILINGS AND DISCLOSURE
Annual Report - Annual Report04/24/2018
Quarterly Report - Quarterly Report04/24/2018
Quarterly Report - Quarterly Report04/24/2018
Quarterly Report - Quarterly Report04/24/2018
Annual Report - Annual Report04/24/2018
Quarterly Report - Quarterly Report04/24/2018
Quarterly Report - Quarterly Report04/24/2018
Quarterly Report - Quarterly Report04/24/2018
Annual Report - Annual Report04/24/2018
Trueheart, ruby is long gone from NBRI and is up for sale...we still have many more good claims and should see news soon on some of them going into new season...cheers
the first Pr from Perry sends this after all this time...its gonna be a blast...cheers
news of summer joint ventures must be next...should get exciting soon around here...lets dust her off and make a new day of it in NBRI land....cheers
oh my gosh...here we go again...lol
http://www.northbayresources.com/home.html
~ Our Future Is Golden ~
well someone just bought a nice load...
what exactly are you saying here lady? looking to reload but if they are blowing shares out that ain't good. please explain...
LeadFX files technical report on Paroo Station
2018-04-12 17:09 ET - News Release
Mr. Andrew Worland reports
LEADFX ANNOUNCES FILING OF NI43-101 REPORT FOR THE PAROO STATION LEAD MINE IN WESTERN AUSTRALIA
LeadFX Inc. has filed an independent National Instrument 43-101 Technical Report, titled, NI 43-101 Technical Report on the Paroo Station lead carbonate mine in Wiluna, Western Australia. the technical report supports the company's press release dated Feb. 28, 2018.
The purpose of the technical report is to provide a summary of the technical and economic feasibility of constructing and operating a hydrometallurgical facility at the Paroo Station lead mine in Wiluna, Western Australia, that integrates the existing mine and processing facility with a new hydrometallurgical facility to produce lead metal in ingot form, pursuant to NI 43-101 and other rules of the Canadian Securities Administrators.
The technical report can be found on the company's website and at SEDAR.
http://stockcharts.com/freecharts/pnf.php?c=tglo,PRTBDANRNO[P][D][F1!3!!!2!20]
sure hope it heads back up to the old highs...cheers
ADDENDUM TO AIRCRAFT PURCHASE AGREEMENT
In consideration of the mutual benefits to be conferred, Tempus Applied Solutions Holdings, Inc. (“TEMPUS”) and ME Aviation Services, LLC (“ME”) agree that the Aircraft Purchase Agreement dated August 11, 2017 (the “APA”) is hereby modified as follows:
1. TEMPUS agrees to close the APA and take title to the AIRCRAFT immediately;
2. ME agrees to pay the cost for bringing the AIRCRAFT current, including arrears, according to the customary long term storage and maintenance program; this obligation shall commence immediately after TEMPUS closes the APA and issues the additional stock as called for in the following paragraph and delivers this stock to the Escrow Agent.
3. TEMPUS agrees to issue additional shares of TEMPUS stock in value equal to the amount incurred to bring the AIRCRAFT current per paragraph 2, with such stock to be valued at $0.18 per share.
4. Post-closing, ME will continue to pay the costs to keep the AIRCRAFT current in a maintenance program per paragraph 2 for 90 days or until claims as to title by Daniels/Aerogroup/AGD are dismissed or resolved in favor of ME/Tempus, whichever is sooner. Tempus will reimburse ME for post-closing maintenance costs incurred by ME pursuant to paragraph 3 in cash, or at Tempus’ option, by issuing additional Tempus stock to ME, with such stock deemed to be valued at $0.18 per share regardless of the actual stock price at the time such stock is issued.
5. The Joint Defense Agreement and Partial Conflict Waiver shall remain in effect according to its terms. For the avoidance of doubt, nothing herein is intended to modify or alter the warranties of title provided to Tempus by ME, and ME acknowledges its continuing duty and obligation to defend Tempus from and against any and all adverse claims affecting title of the AIRCRAFT pursuant to Article 5.1 of the APA.
6. The APA shall otherwise remain in full force and effect, except as modified herein.
7. This Addendum may be signed in counterpart. A photocopy, facsimile copy or scanned copy of any signature shall be valid as an original.
Dated: March 5, 2018 Tempus Applied Solutions Holdings, Inc.
By:
Name:
Title:
Dated: March 5, 2018 ME Aviation Services, LLC
By:
Name:
Title:
https://www.lawinsider.com/contracts/7udvDCWB1BOE6FrVrWfWam/tempus-applied-solutions-holdings-inc/1628871/2018-03-09
LeadFX's Paroo mine advances environmental process
2018-04-04 10:37 ET - News Release
Mr. Andrew Worland reports
LEADFX ANNOUNCES PAROO STATION LEAD MINE HYDROMETALLURGICAL FACILITY ON TRACK FOR Q3 APPROVAL
The Western Australia Environmental Protection Authority has set the level of environmental assessment for LeadFX Inc.'s proposed hydrometallurgical facility at the Paroo Station lead mine as referral information under Part IV of the Environmental Protection Act, 1984.
Highlights:
EPA to assess proposed Paroo Station lead mine hydrometallurgical facility as referral information;
Administrative target assessment period of 12 weeks;
Establishes pathway to commencing construction activities in the third quarter of 2018 (1);
Strong community and stakeholder support received.
The EPA's assessment follows review of the company's environmental referral document filed with the EPA and made available to the public on Feb. 5, 2018.
The referral describes the key environmental factors relevant to the construction and operation of the proposed hydrometallurgical facility, including the expansion to the mining footprint. Under the EPA's referral assessment, the company has been requested to provide additional information for the tailings storage facility and management of groundwater mounding, management of lead and the proposed condition-setting framework.
The company will provide information to support the EPA's administrative target of completing their report and recommendations to Western Australia's Minister for Environment in 12 weeks.
The Minister for Environment will consider the EPA's report and any public appeals before determining, in consultation with other state government ministers, whether the proposal should be allowed to proceed and if so, under what conditions. No federal government assessment is required.
The hydrometallurgical facility definitive feasibility study was completed in February, 2018, and demonstrated the technical and financial viability of the construction and operation of the facility, capable of producing approximately 70,000 tone per year of lead ingot (metal). It would be built adjacent to the existing concentrator plant at Paroo Station.
In preparing the referral, management undertook comprehensive stakeholder engagement -- meeting directly with all 20 local government representatives impacted by activities already approved under existing environmental conditions for operations at Paroo Station, various state regulators including the EPA, Department of Water and Environmental Regulation, Department of Mines Industry Regulation and Safety, and community groups.
The EPA assessment process is the Western Australian Government's primary approval requirement for the hydrometallurgical facility. In parallel, secondary licensing approvals with various key decision-making authorities of the state government are also being progressed.
(1) Subject to EPA approval, ministerial approval and financing.
LeadFX Announces Board Changes, Omnibus Plan and Awards
PERTH, AUSTRALIA, March 5, 2018
PERTH, AUSTRALIA, March 5, 2018 /CNW/ - LeadFX Inc. (the "Company" or "LeadFX") (TSX: LFX) is pleased to announce the appointments of Mr. Stephen Dennis, Mr. George Molyviatis and Mr. Andrew Worland to the board of directors ("the Board") with immediate effect.
Mr. Dennis has been appointed Chairman of the Company succeeding Mr. David Warner who will remain chairman of the Company's Audit, Compensation and Corporate Governance Committees.
Stephen, who is based in Perth, Western Australia, has been involved in the Australian mining industry for over 35 years, and currently serves as chairman on the board of a number of listed resource companies
Until 2015, Stephen was Managing Director and Chief Executive Officer of CBH Resources Limited, a significant producer of lead and zinc in Australia. His current board appointments include dual TSX/ASX listed Heron Resources Limited, which is developing the Woodlawn zinc/lead/ copper project in New South Wales.
Stephen is uniquely positioned to make a significant contribution to the Company as it enters its next phase of development, having participated in the construction and operation of several major resource projects in Australia, in particular lead and zinc mine developments.
As an independent director, Stephen will also join the Audit, Compensation and Corporate Governance Committees.
Mr. Molyviatis has been appointed as a Director of the Company. George is the Chairman of InCoR Holdings Plc, and has over 25 years of investment banking and project investment and financing experience and served on a number listed public company boards.
The Board is also pleased to announce current Chief Executive Officer Mr. Andrew Worland has been appointed as Managing Director of the Company.
Each of Messer's Dennis, Molyviatis and Worland, together with current members of the Board, will stand for reelection at the Company's 2018 annual general meeting of shareholders to be held before June 30, 2018.
Commenting on the new appointments Mr. David Warner stated "We are very pleased that the Company has been able to attract Stephen and George to the Board. Stephen's appointment reflects the forecast expansion of the Company's activities at the Paroo Station Lead Mine in Western Australia following the release of the definitive feasibility study this week. Stephen has a long history of corporate and mining asset management and has a strong knowledge of the lead and zinc industry. George joins the Board of Directors as the Company moves into a project financing phase for the Hydrometallurgical Facility at Paroo Station and we look forward to his strong contribution."
The Board has resolved to adopt a new omnibus equity incentive plan for the Company ("Omnibus Plan") that will provide the Board with the flexibility of making different forms of equity rewards as part of its need to retain a competitive compensation structure for directors, executives and employees. The Omnibus Plan will be included in the Company's management information circular for the upcoming annual general meeting where shareholder approval will be sought for the plan. The Omnibus Plan and the grants thereunder also remain subject to the approval of the Toronto Stock Exchange ("TSX").
Subject to shareholder approval at the AGM and TSX approval.
Also subject to shareholder and TSX approval of the Omnibus Plan the Board has agreed to issue up to 2,000,000 incentive stock options to purchase 2,000,000 common shares in the Company to Mr. Worland.
LeadFX Announces Extension of Sentient Loan
PERTH, Australia, Feb. 27, 2018 /CNW/ - LeadFX Inc. (the "Company" or "LeadFX") (TSX: LFX) is pleased to announce it has entered into an amendment ("Amendment") to the second amended and restated credit agreement with Sentient Global Resources Fund IV, LP ("Sentient") to extend the maturity date for re-payment of the indebtedness outstanding to Sentient ("Sentient Loan").
The Sentient Loan will now mature on the earlier of March 31, 2019 or financial close being achieved for the financing of the planned 70,000 tpa Hydrometallurgical Facility at the Company's 100% owned Paroo Station Lead Mine in Wiluna, Western Australia. It will continue to incur interest at 10% per annum until its maturity. The Amendment is subject to the Company receiving approval from the Toronto Stock Exchange.
Financial close is defined as being the date on which the Company has demonstrated it has fully funded the Hydrometallurgical Facility and conditions to first drawdown on debt facilities, if any, for the construction of the Hydrometallurgical Facility have been met.
Commenting on the extension LeadFX CEO Mr. Andrew Worland stated "Sentient has shown tremendous support to the Company's activities over a considerable period of time and this extension further underlines their commitment to providing the optimal conditions for further equity value to be generated for all shareholders."
As at February 28, 2018 (the previous maturity date) the Sentient Loan would total $16,148,326.