Investor Platinum endorses funding strategy with one-month extension
By Toni Weeks
San Luis Obispo, Calif., Aug. 29 – Arian Silver Corp. said the lender of an August 2013 convertible financing has agreed to extend the maturity date of the note to Sept. 30, according to a press release.
The maturity date extension demonstrates the lender’s “continued support of the company and its funding strategy,” the release said. The investor was paid a $350,000 fee for the extension.
As previously reported, the company raised $15.59 million through the private placement of a 14% senior secured convertible note with investor Platinum Long Term Growth VIII, LLC. The note was to mature at a 5% premium 12 months from its date of issuance.
The conversion price is C$1.10 per common share.
Proceeds were to be used to acquire the El Bote processing plant, for mine expansion and for working capital and corporate purposes.
Arian is a silver mining company based in London.
| Issuer: | Arian Silver Corp.
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| Issue: | Senior secured convertible note
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| Amount: | $15,585,000
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| Maturity: | Sept. 30, 2014, extended from August 2013
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| Coupon: | 14%
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| Payment at maturity: | 105% of par
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| Conversion price: | C$1.10
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| Warrants: | No
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| Pricing date: | July 26, 2013
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| Updated: | Aug. 23, 2013; Aug. 29
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| Stock symbol: | TSX Venture: AGQ
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| Stock price: | C$0.08 at close July 25, 2013
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| Market capitalization: | C$20.01 million
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