Earth AI, Legacy Minerals make first greenfield palladium discovery using artificial intelligence
The companies announced the verified discovery of one of the largest palladium mineral systems in Australia.
Flinders Mines Limited (Flinders) announces that it has entered into a loan facility agreement (Loan Agreement) with PIO Mines Pty Limited (a subsidiary of TIO (NZ) Limited (TIO)) to assist Flinders to meet its short term capital requirements.
The A$2,000,000 loan is available for drawing in a single lump sum from the date of the Loan Agreement until 19 August 2016. The key terms of the loan include an interest rate equivalent to the 6-Month Bank Bill Swap Rate (BBSW) Mid-Rate plus 2% per annum with the repayment of the principal outstanding to occur on 31 December 2016. Flinders may voluntarily prepay any of the principal outstanding at any time before 31 December 2016. The facility is unsecured.
The key terms of the Loan Agreement are summarised in the annexure to this announcement.
Flinders proposes to undertake a pro rata rights issue, at an issue price and entitlement ratio yet to be determined, before the end of the 2016 calendar year (Rights Issue). The proceeds of the Rights Issue will be used to, among other things, repay the amounts drawn under the Loan Agreement, pay annual tenement rents and rates, comply with minimum expenditure conditions for the tenements, provide working capital and meet administration expenses.
Further, Flinders and TIO have entered into a subscription agreement, under which TIO has agreed to subscribe for the number of Flinders’ shares equal to its pro rata entitlement under the Rights Issue subject to (amongst other things):
Flinders will separately release to ASX a Supplementary Target’s Statement in relation to the Loan Agreement.
