Proceeds will finance development of Nevada-based Goldwedge project
By Devika Patel
Knoxville, Tenn., Dec. 29 - Royal Standard Minerals Inc. announced on Tuesday it has arranged a three-year senior secured loan facility. It will raise $15 million.
The 7% loan facility would consist of a $7.5 million senior secured gold loan facility and a $7.5 million convertible note facility.
Proceeds will be used for development of the company's Goldwedge project in Nevada as well as the company's other Nevada projects.
Based in Manhattan, Nev., Royal Standard is a gold and polymetallic exploration company.
| Issuer: | Royal Standard Minerals Inc.
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| Issue: | Term loan, line of credit
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| Amount: | $15 million
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| Coupon: | 7%
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| Warrants: | No
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| Settlement date: | Dec. 28
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| Stock symbol: | OTCBB: RYSMF
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| Stock price: | $0.07 at close Dec. 28
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| Market capitalization: | $5.05 million
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| Gold facility
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| Amount: | $7.5 million
|
|
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| Convertible note facility
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| Amount: | $7.5 million
|
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