THEMAC Enters into Amending Loan Agreement with Tulla Resources Group Pty LtdPosted: 10/21/2016 | Posted By: News Resource/Publisher
VANCOUVER, BRITISH COLUMBIA—(October 21, 2016) - THEMAC Resources Group Limited (TSX VENTURE:MAC) (“THEMAC” or the “Company”) is pleased to announce that the Company has entered into an Amending Loan Agreement (the “Amending Agreement”) with Tulla Resources Group Pty Ltd. (“Tulla”). Tulla will increase its loan under the previously amended loan agreement dated May 2, 2016 (the “Tulla Loan”) with THEMAC from its amount of CAD$40,000,000 to CAD$42,300,000.
The Tulla Loan is due on demand and accrues interest at a rate of 20% per annum.
The advance from Tulla is a related party transaction under TSX Venture Exchange Policy 5.9 because Tulla is a control person of the Company. The Company is relying on the exemption from the requirement to obtain a valuation on the basis that the Issuer is not listed on a market specified under MI 61-101, and the Company is relying on the exemption from minority shareholder approval provided under MI 61-101 in relation to loans made on commercially reasonable terms which are not convertible into voting or equity securities of the Company.
The Amending Agreement was approved by the independent directors of the Company.
About THEMAC Resources Group Limited
THEMAC is a copper development company with a strong management team and as of May 18, 2011, a 100% ownership interest in the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA. We are committed to bringing the closed copper mine, Copper Flat, in Sierra County, New Mexico back into production with innovation and a sustainable approach to mining development and production, local economic opportunities, and the best reclamation practices for our unique environment. The Company is listed on the TSX Venture Exchange (ticker: MAC) and has issued share capital of 79,400,122 common shares (fully diluted share capital 89,052,316).
For further information contact:
THEMAC Resources Group Limited
Chief Executive Officer