TORONTO, June 28, 2013 /CNW/ - NWM Mining Corporation ("NWM" or the "Company") (TSX-V: NWM) announces that, further to its news release dated June 14, 2013, it has
paid $75,000 USD and issued 28,533,000 common shares (the "Bonus Shares") to the Company's lender, Global Resource Fund (the "Lender"), as the initial extension fee for extending the maturity date on the
Company's current debt facility (the "Facility") of $18,500,000 USD. Following the issuance of the Bonus Shares, the
Lender holds 60,033,008 common shares in the capital of NWM.
The due date on the Company's current debt facility has been extended
from June 2013 to September 2014 and the effective interest rate on the
principal will be reduced from 15% to 12.5% per annum. The revised
interest rate has the potential to reduce interest payments over the
period by approximately $500,000 USD. In order to reduce the interest
rate and fully extend the loan until September 30, 2014, there are
several conditions which must be satisfied by September 30, 2013 (see
news release dated June 14, 2013 for further details).
The transaction is subject to the final approval of the TSX Venture
Exchange. The Bonus Shares are subject to a four month and one day hold
period expiring on October 27, 2013.
About NWM Mining Corporation
NWM is in commercial gold production at its wholly owned Lluvia-Jojoba
gold mine. The mine is an open pit heap leach operation in Sonora
State, Mexico. Management believes the property is significantly
under-explored and hosts potential to provide further gold discoveries
and resource and reserve upgrades. While management has focused in the
past on developing the mine and supporting cash flows, the focus in
2013 will shift to increasing mining rates and drilling to expand
geological resources and reserves.
Additional information about NWM can be found on the NWM website at www.nwmcorp.ca or on SEDAR at www.sedar.com.
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 of this release.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
This news release includes "forward-looking information", as such term
is defined in applicable securities laws. Forward-looking information
includes, without limitation, the success of exploration activities,
price outlooks, production expectations and other similar statements
concerning anticipated future events, conditions or results that are
not historical facts. These statements reflect management's current
estimates, beliefs, intentions and expectations; they are not
guarantees of future performance. The Company cautions that all forward
looking information is inherently uncertain and that actual performance
may be affected by a number of material factors, many of which are
beyond the Company's control. Accordingly, actual future events,
conditions and results may differ materially from the estimates,
beliefs, intentions and expectations expressed or implied in the
forward-looking information. All statements are made as of the date of
this news release and the Company is under no obligation to update or
alter any forward-looking information.
SOURCE: NWM Mining Corporation
For further information:
Darren Koningen, President & CEO or
Chris Chadder, CFO