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
- 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
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM
Avant Technologies to Implement AI-Empowered, Zero Trust Architecture in Its Data Centers • AVAI • Apr 29, 2024 8:00 AM
Bantec Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024 from Q1 2023 • BANT • Apr 25, 2024 10:00 AM
Cannabix's Breath Logix Alcohol Device Delivers Positive Impact to Private Monitoring Agency in Montana, USA • BLO • Apr 25, 2024 8:52 AM