By Devika Patel
Knoxville, Tenn., April 15 – Thor Explorations Ltd. said it negotiated a $54 million five-year senior secured credit facility with Africa Finance Corp.
The loan bears interest at Libor plus 900 basis points.
The facility is secured against subsidiary Segilola Resources Operating Ltd.’s assets and is guaranteed by Thor.
Africa Finance also will receive 17,602,941 ordinary shares as part of the facility.
Also, the investor will receive a $9 million gold stream prepayment and buy 99.75 million of the company’s ordinary shares for C$19.95 million, or $15 million.
Thor is a gold explorer based in Vancouver, B.C.
| Issuer: | Thor Explorations Ltd.
|
| Issue: | Senior secured credit facility, 17,602,941 ordinary shares
|
| Amount: | $54 million
|
| Maturity: | Five years
|
| Coupon: | Libor plus 900 bps
|
| Investor: | Africa Finance Corp.
|
| Announcement date: | April 15
|
| Settlement: | May
|
| Distribution: | Private placement
|
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