QMN queensland mining corporation limited

2 November 2012New Loan of $3 million for QMC QMC repays Tulla...

  1. 34 Posts.
    2 November 2012
    New Loan of $3 million for QMC QMC repays Tulla Resources Group Pty Ltd Loan
    Queensland Mining Corporation Limited (ASX code: QMN) (QMC) announces that Perfect Nation Global Limited (PNG), a major shareholder owning 17.337% of the shares of QMC, has entered into an unsecured loan of $3 million with the Company on 2 November 2012.
    The Loan is to enable repayment of the $3 million loan from Tulla Resources Group Pty Ltd dated 5 July 2011 (Tulla Resources Loan).
    The key terms of the loan from PNG are as follows: • Principal $3 million
    • Maturity date of 30 June 2013
    • Unsecured
    • Interest rate of 10% payable quarterly in arrears
    • Subject to shareholder approval (if required), on repayment PNG can elect to convert at 4 cents per share
    • In the event of any capital raising, PNG has the right to convert loan into QMC ordinary shares at price and on terms of the capital raising, subject to any necessary approvals.
    The Tulla Resources Loan has been discharged, in full, by the Company.
 
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