By Devika Patel
Knoxville, Tenn., Dec. 11 - Apollo Gold Corp. said it settled a bridge loan for $15 million with Macquarie Bank Ltd. and RMB Resources Inc.
At this time, Apollo can use $6 million of the facility to advance its Black Fox Project, with the balance of $9 million to be used pending satisfaction of certain conditions. In the event that such conditions are not satisfied by Feb. 28, Apollo will be required to repay the unused portion of the bridge facility.
The bridge facility will mature on June 30, 2009, but may be refinanced before that date.
The bridge facility will bear interest at Libor plus 10% per annum.
In addition, each of the banks will receive 21,307,127 warrants, each warrant exercisable at C$0.221 for four years.
Denver-based Apollo is a gold exploration company.
| Issuer: | Apollo Gold Corp.
|
| Issue: | Bridge loan
|
| Amount: | $15 million
|
| Maturity: | June 30, 2009
|
| Coupon: | Libor plus 10%
|
| Price: | Par
|
| Yield: | Libor plus 10%
|
| Warrants: | 42,614,254 warrants
|
| Warrant expiration: | Four years
|
| Warrant strike price: | C$0.221
|
| Investor: | Macquarie Bank Ltd. and RMB Resources Inc.
|
| Settlement date: | Dec. 10
|
| Stock symbol: | Amex: AGT
|
| Stock price: | $0.13 at close on Dec. 10
|
| Market capitalization: | $57.2 million
|
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