Each one in plain English, with the numbers worked through for a shareholder.
8 Nov 2019debt financing▼ BadMajor
I-Minerals entered a new loan agreement with BV Lending LLC, controlled by Chairman Allen Ball, for up to a further US$700,000 at 14% interest, with bonus shares of 6% of each advance as extra consideration. Repayment is due on the earlier of June 30, 2020 and 60 days after a Pre-Feasibility Study is filed on SEDAR. The repayment date for earlier loans, which with interest total about US$26 million, was extended to the same terms. This continues the borrowing from BV Lending begun in 2015.
I-Minerals said that after re-evaluating market demand, the market is unlikely to support an operation of the size in its March 2016 Feasibility Study. That study is no longer current, and the previously reported proven and probable reserves should no longer be classified or relied on as reserves. Mineral resource estimates are unchanged from October 26, 2015, and the company is assessing a phased, lower-capital approach focused on metakaolin and halloysite; SRK Consultants have been engaged for an updated technical report.
I-Minerals Inc shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
I-Minerals Inc shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
I-Minerals Inc shareholders approved the routine matters put to a vote at the company's annual meeting (director elections, auditor ratification, and the executive-pay advisory vote).
