Marengo scrabbling for cash to prop up Yandera dreams

Marengo Obtains US$3 Million Loan from Its Major Shareholder

Marengo Mining | Junior Mining Network

Marengo Mining Limited is pleased to announce that, the Company has signed a loan agreement with its major shareholder, Sentient.

Under the terms of the Loan Agreement, Sentient will provide Marengo with a loan facility of US$3,000,000. The Loan accrues interests monthly at a rate of 9% per annum, payable quarterly. The maturity date of the Loan is December 31, 2014.

Subject to applicable shareholder and regulatory approvals, the principal and interest accrued on the Loan may be payable by the Company through the issuance of common shares or other securities convertible into common shares of Marengo.

The Company expects to use the funds obtained from the Loan to fund its working capital requirements and for general corporate purposes.


Leave a comment

Filed under Exploration, Mine construction, Papua New Guinea

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s