TORONTO, Oct. 7, 2013 /CNW/ - Mangazeya Mining Ltd. (the "Company", formerly known as "White Tiger Gold Ltd.") (NEX: MGZ) announces that
Unique Goals International Ltd. ("Unique") and VTB Capital plc have completed the transfer of the Company's
US$150 million senior secured term loan facility ("Loan Facility") by way of novation.
The Loan Facility was entered into between the Company's wholly-owned
subsidiary Diascia Investments Limited and VTB Capital plc on February
2, 2012 and amended and restated on March 7, 2012.
On October 3, 2013, the Company announced that Unique (as the New
Lender) entered into a Sale, Purchase and Settlement Agreement with VTB
Capital plc (as the Existing Lender and Agent), pursuant to which the
Existing Lender and the New Lender agree to the Existing Lender
transferring to the New Lender by novation ("Novation") all of the Existing Lender's commitment, rights and obligations under
the Loan Facility. The transaction closed on October 7, 2013.
About Unique Goals International Ltd.
Unique Goals International Ltd. is a company beneficially owned,
directly or indirectly, by Mr. Sergey Yanchukov, the Chief Executive
Officer, Chairman and controlling shareholder of the Company. By
virtue of Mr. Yanchukov's status as an insider of the Company, the
Novation of the Loan Facility constitutes a related party transaction
under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). However, pursuant to paragraph 5.4 of MI 61-101, a formal valuation
is not required as the transaction does not fall under paragraphs (a)
through (g) of the definition of a related party transaction. In
addition, pursuant to paragraph 5.7(f), an exemption for minority
approval requirements for a related party transaction is available to
the Company as the Loan Facility (the subject of the Novation) is from
a related party on reasonable commercial terms that are not less
advantageous to the Company than if the loan or credit facility were
obtained from a person dealing at arm's length with the issuer, and the
loan, or each advance under the credit facility, as the case may be, is
convertible, directly or indirectly, into equity or voting securities of
the issuer or a subsidiary entity of the issuer, or otherwise
participating in nature; or
repayable as to principal or interest, directly or indirectly, in equity
or voting securities of the issuer or a subsidiary entity of the
About Mangazeya Mining Ltd.
Mangazeya Mining Ltd. is a NEX-listed mining and exploration company,
focused on the development of mineral resources in the Russian
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Mangazeya Mining Ltd.
For further information:
Mangazeya Mining Ltd. (formerly "White Tiger Gold Ltd.")
Chief Executive Officer and Chairman