Fintech
Lions Bay Capital Inc. Arranges Additional Debt Financing
Vancouver, British Columbia–(Newsfile Corp. – August 20, 2021) – Lions Bay Capital Inc. (TSXV: LBI) (“Lions Bay” or the “Company“) announces that the Company has arranged a subsequent advance of USD $100,000 from Riverfort Global Capital Ltd. on behalf of Riverfort Global Opportunities PCC Ltd. (the “Lender”) on the previously announced amended secured loan facility (see news release on June 30, 2021). The proceeds of this advance will supplement existing cash resources to fulfill a subsequent USD $250,000 tranche of the Salamander Mining International Ltd. loan and option agreement (see news release on June 17, 2021). Salamander is using the funds to build and ship a gold treatment plant to Zimbabwe which is expected to be operational in October. Under the agreement with Salamander, Lions Bay will be entitled to 25 per cent of the cash flow from this project.
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 592,939 warrants exercisable at $0.095 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.
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 NEWS RELEASE.
Disclaimer & Forward-Looking Statements: This news release contains forward-looking statements. Forward-looking statements are statements that relate to future events or future financial performance. In some cases, you can identify forward-looking statements by the use of terminology such as “may”, “should”, “intend”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “project”, “predict”, “potential”, or “continue” or the negative of these terms or other comparable terminology. These statements speak only as of the date of this news release. This news release may also contain inferences to future oriented financial information (“FOFI”) within the meaning of applicable securities laws. The information in this news release has been prepared by our management to provide readers with an outlook for our future activities.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/93949