Lions Bay Capital Inc. Amends Riverfort Debt Facility and Arranges Additional Debt Financing
July 1, 2021
Source: Yahoo Finance
Lions Bay Capital Inc. (TSXV: LBI) ("Lions Bay" or the "Company") announces that the Company has amended the secured loan facility ("Loan Facility") with Riverfort Global Capital Ltd. on behalf of Riverfort Global Opportunities PCC Ltd. (the "Lender"). The Loan Facility has amended the previously announced secured facility (see news release on March 15, 2018) and amended on July 4, 2019 to increase the Loan Facility to USD $2.0 million. Concurrent with the amendment the Company has arranged for the advancement of USD $250,000 for a total of USD $750,000 advanced on the Loan Facility.
The proceeds of this advance will be used by the Company to fulfill the initial tranche of the Salamander Mining International Ltd. loan and option agreement (see news release on June 17, 2021).
The additional advance has an 18-month term, with 70% of the advance payable in 12 months with 5% of the advance payable monthly in each of the last 6 months. The additional advance bears interest at 12% per annum and is subject to an implementation fee of 7%. The advance is secured by a guarantee from the Company and its wholly owned subsidiary, Pan Andean Capital Pty Ltd. ("Pan Andean") and a pledge by Pan Andean of certain of the investments held by Pan Andean.
Subject to approval of the TSX-V, the Company will issue 1,438,686 warrants exercisable at $0.0095 for a period of 18 months to the Lender as a condition subsequent to receipt of funds, failing which the advance will be returned to the Lender.
About Lions Bay Capital Inc.
Lions Bay Capital Inc. is a TSX-V listed Investment Issuer that is focused on high return investment opportunities, principally in the mining, clean energy and clean technology sectors, where it provides public and private companies with strategic and financial support.
On behalf of the Board of Lions Bay.
John Byrne
Executive Chairman
Tel: +61 3 9236 2800
Email: jbyrne@lionsbaycapital.com
For more information, please visit the corporate website at www.lionsbaycapital.com or contact the above.