Alamos Minerals Ltd. and National Gold Corporation Complete Debt Financing, Pay Off the Salamandra Purchase.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 19, 2003 Further to a news release dated January 23, 2003, Alamos The name Álamos can refer to the following:
NGT National Grid Transco (UK gas transporter) NGT Nominal Group Technique NGT Not Greater Than NGT Next Generation Technology NGT Next Generation Telecom (China) NGT NASA Ground Terminal ) announce the completion on January 31, 2003 of a debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay with H. Morgan & Company for a total of C$5.7 million. $5.6 million has been used to prepay the outstanding debentures issued by National and held by Tenedoramex, S.A. de C.V. and Kennecott Minerals Company, the Vendors, pursuant to the Asset Purchase Agreement on the Salamandra property. The Vendors have acknowledged receipt of the C$5.6 million as the final settlement of the debentures. Under the terms of the December 2000 Asset Purchase Agreement, Alamos and National owed the vendors of Salamandra C$7.5 million of the original C$10.5 million purchase price. Prepayment of the debentures reduced the amount due under the debentures to C$5.6 million, a discount of C$1.9 million dollars. The H. Morgan loan has a term of 61 months to the maturity date. It can be repaid in full anytime after 24 months, and up to 50% of the total amount can be paid at anytime upon 30 days written notice. The rate of interest on the loan is 12% per annum Per annum Yearly. compounded annually, not in advance. Repayment terms require Alamos to pay the interest only, annually in arrears Adv. 1. in arrears - in debt; "he fell behind with his mortgage payments"; "a month behind in the rent"; "a company that has been run behindhand for years"; "in arrears with their utility bills" behindhand, behind on the outstanding balance; the principal is due in full on the maturity date. The Salamandra Property has seen US $30 million in development and was the subject of a feasibility study "A Feasibility Study" is an episode of the original The Outer Limits television show. It first aired on 13 April, 1964, during the first season. It was remade in 1997 as part of the revived The Outer Limits series with a minor title change. to mine 2.2 million ounces of gold in the Mulatos Deposit. At the time the study was completed the project economics were marginal with gold at less than $300 per ounce. A scoping study completed by Pincock, Allen and Holt (PAH PAH, PAHA aminohippuric acid. PAH abbr. para-aminohippuric acid PAH 1 Polycyclic aromatic hydrocarbon, see there 2. Pulmonary artery HTN ) in September 2002 focused on a higher grade portion of the deposit known as the Estrella Zone containing 1.8 million ounces of gold. PAH concluded that with a gold price of $300 per ounce the Estrella Zone could be mined profitably and generate an Internal Rate of Return of 19.3%. The project is currently the subject of an engineering evaluation to determine the effect of higher gold prices on future development plans. ON BEHALF OF THE BOARDS OF DIRECTORS OF: ALAMOS MINERALS LTD. NATIONAL GOLD CORPORATION 'Chester F. Millar' 'James M. McDonald' Chester F. Millar James M. McDonald Chairman, President & CEO President The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not take responsibility for the adequacy or accuracy of this release. |
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