FUNDING THE MILL ACQUISITION AND ONGOING WORKING CAPITAL Black Range’s cornerstone investor, Azarga Resources Limited (“Azarga”) is extremely supportive of the Acquisition and has agreed to ensure the Mill Acquisition is fully funded and that Black Range has sufficient working capital both prior to Completion and thereafter to continue to aggressively grow its business. Accordingly agreements are in place for the financing structure summarised below. Acquisition Financing 1. Azarga will provide a $11.5 million secured convertible note facility (“Note Facility”), with an interest rate of 10% per annum and convertible to shares at $0.017, being a 35% premium to the 30-day VWAP immediately preceding the announcement of the Acquisition. Refer Schedule A for further details on the Note Facility. 2. Azarga will fully underwrite an equity raising of $6.0 million (“Equity Financing”) at an issue price of $0.014, being a 15% premium to the 30-day VWAP immediately preceding the announcement of the Acquisition. Refer Schedule A for further details on the Equity Financing. (collectively the “Financing”)
BLR Price at posting:
1.2¢ Sentiment: Buy Disclosure: Held
