AMSTERDAM, July 26, 2017 /CNW/ - Meridian Mining SE (TSX V: MNO) ("Meridian " or the "Company") today reported it has drawn down the remaining US$1.25 million of the US$7 million loan facility (the "Loan") from its largest shareholder The Sentient Group.
The proceeds of the loan will be used for payments relating to the pilot plant, ongoing exploration on the Bom Futuro tin JV, and for general working capital purposes. The loan incurs interest at 10% and has a repayment date of April 30, 2018.
"We are pleased to have the continued support from The Sentient Group". Meridian President and CEO, Anthony Julien said, "a portion of these funds will be used to make the final pilot plant payments, which is expected to be commissioned during August.
On behalf of the Board of Directors of Meridian Mining SE
President, CEO and Director
Meridian Mining SE is focused on the acquisition, exploration, development and mining activities in Brazil. The Company is currently focused on exploring and developing the Espigão manganese project, the Bom Futuro tin JV area, and adjacent areas in the state of Rondônia. The Company employs a two-pronged strategy with the objective of growing pilot production while advancing a parallel multi-commodity regional exploration program. Meridian is currently producing high grade manganese at its project located at Espigão do Oeste.
Further information can be found at www.meridianmining.co.
Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the Company's plans for exploration and development of its properties and potential mineralization. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such risk factors include, among others, failure to obtain regulatory approvals, failure to complete anticipated transactions, the timing and success of future exploration and development activities, exploration and development risks, title matters, inability to obtain any required third party consents, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices and one-time events. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed exploration and development of mineral projects will proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and (3) any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
The TSX Venture Exchange has in no way passed upon the merits of the proposed Arrangement and has neither approved nor disapproved the contents of this news release. Neither 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 Meridian Mining S.E.
For further information: please contact visit the Company's website at www.meridianmining.co or contact: Fiona Grant Leydier, 416-848-9851, [email protected]