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LeadFX Announces Extension of Sentient Loan

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hitpaydirt   Tuesday, 02/27/18 12:39:00 PM
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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.

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