Loading, Please Wait...
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 9, 2016) - Anfield Nickel Corp. ("Anfield") (TSX VENTURE:ANF) announces that it will be receiving loans in the aggregate amount of Cdn $1,950,000 from Kestrel Holdings Ltd. and two of its directors (the "Lenders"). The loans accrue interest at a rate of 12% per annum, and will be compounded yearly and not in advance. The loans will be repayable on or before the earlier of June 30, 2016, or two business days after the date on which Anfield undertakes any equity financing by way of private placement of shares. The loan cannot be converted into, exchanged for or otherwise modified to create any obligation on Anfield to issue, directly or indirectly, any equity or voting securities of Anfield or any subsidiary of Anfield, including with respect to the repayment of either principal or interest accruing in respect of the loan. Subject to receipt of approval from the TSX Venture Exchange, Anfield will also be issuing an aggregate of 2,599,999 non-transferable common share purchase warrants (the "Warrants") to the Lenders. Each Warrant will be exercisable for one common share of Anfield at a price of $0.75 per common share, and will expire one year from the date of issuance.
Anfield will use the proceeds of the loans to subscribe for debt securities of Magellan Minerals Ltd. and for working capital purposes.
The loans are exempt from the formal valuation and majority of the minority requirements applicable to related party transactions as set out in Multilateral Instrument 61-101 Protection of Minority Securityholders in Special Transactions as the aggregate fair market value of the loans and the Warrants is less than 25% of Anfield's market capitalization.
Anfield Nickel Corp.
Marshall Koval, President & CEO
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.
Anfield Nickel Corp.
+ 604 646-1884
+ 604 687-7041