RX Exploration Inc. Announces US $10 million Line of Credit from Hale Capital Partners
2011年11月6日 - 5:08PM
PR Newswire (Canada)
TORONTO, Nov. 9, 2011 /CNW/ - RX Exploration Inc. (the "Company" or
"RXE") (OTCQX:RXEXF) announced today that its wholly-owned
subsidiary Drumlummon Ltd. (the "Borrower") has entered into a
senior secured line of credit facility agreement (the "Credit
Agreement") with an affiliate of Hale Capital Partners,
L.P., ("Hale") for up to US $10 million. All amounts
owing under the Credit Agreement are guaranteed by the Company.
Outstanding amounts under the Credit Agreement accrue interest at a
fixed rate of 8.75% per annum with interest payable monthly in
arrears starting the sixth month after the initial advance of
funds. Amounts owing under the Credit Agreement may be prepaid
in whole or in part without premium or penalty at any time and any
remaining outstanding amounts are due on or before May 8,
2013. The Credit Agreement is secured by a first charge
against all the properties and assets of the Borrower, the Company
and certain of its subsidiaries. The closing, which is expected to
take place before the end of the upcoming week, and the ability to
make subsequent draws under the Credit Agreement are subject to
certain standard conditions precedent and a standard one time
closing fee. The Credit Agreement will be used for working capital
purposes and for additional expenditures of the Borrower, the
Company and certain of its subsidiaries, and will assist in getting
RXE's 100% owned Drumlummon Mine into commercial production in
early to mid-2012. Amounts owing under the Credit Agreement cannot
be converted into equity or voting shares of RXE or its
subsidiaries. No common shares, options or warrants of RXE
were issued to Hale or any other person and no broker or placement
fees were paid in connection with this transaction. About RX
Exploration Inc. RXE is currently focused on re-starting production
and exploring its Drumlummon Mine, a past producing high-grade,
bonanza-type, epithermal underground gold and silver mine in
Montana. RXE is a gold and silver mining company focused on
growth in North America. The Company's shares are listed on TSX-V
and on the OTCQX . There are 167,307,796 common shares issued and
outstanding. Neither 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 release. About Hale Capital Partners Based in New
York City, Hale Capital Partners has established itself as a
leading private equity firm focused on strategic investments in
public companies and their subsidiaries. Hale Capital Partners'
team is comprised of seasoned private equity veterans and
entrepreneurs, who bring not only deep domain expertise but also
hands-on operating experience to help build highly successful
companies. Hale Capital Partners' mining portfolio spans all
stages of mine development from exploration to commercial
production. Cautionary Statement Regarding Forward Looking
Information This press release contains "forward-looking
information" within the meaning of applicable securities
laws. Forward-looking information includes, but is not
limited to, the Company's expectations, intentions, plans, and
beliefs with respect to, among other things, the Drumlummon
property. Often, but not always, forward-looking information can be
identified by forward-looking words such as "anticipate",
"believe", "expect", "goal", "plan", "intend", "estimate", "may",
and "will" or similar words suggesting future outcomes, or other
expectations, beliefs, plans, objectives, assumptions, intentions,
or statements about future events or performance. Forward-looking
information is based on the opinions and estimates of the Company
as of the date such information is provided and is subject to known
and unknown risks, uncertainties, and other factors that may cause
the actual results, level of activity, performance, or achievements
of the Company to be materially different from those expressed or
implied by such forward looking information. This includes the
ability to develop and operate the Drumlummon property, risks
associated with the mining industry such as economic factors
(including future commodity prices, currency fluctuations and
energy prices), failure of plant, equipment, processes and
transportation services to operate as anticipated, environmental
risks, government regulation, actual results of current exploration
activities, possible variations in ore grade or recovery rates,
permitting timelines, capital expenditures, reclamation activities,
social and political developments and other risks of the mining
industry. Although RXE has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated, or
intended. Readers are cautioned not to place undue reliance on such
information. By its nature, forward-looking information involves
numerous assumptions, inherent risks and uncertainties, both
general and specific, that contribute to the possibility that the
predictions, forecasts, and projections of various future events
will not occur. The Company undertakes no obligation to update
publicly or otherwise revise any forward-looking information
whether as a result of new information, future events or other such
factors which affect this information, except as required by law.
On Behalf of the Board Darren Blasutti President and CEO
416-848-9503 RX EXPLORATION INC. CONTACT: Darren BlasuttiPresident
and CEO416-848-9503
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