PARAMOUNT MINING CORPORATION LTD. 16 October 2014
Loan Terms UpdateParamount Mining Corporation Limited (ASX: PCP, "Company") advises that the following credit facilities have been renegotiated or concluded as follows:
1. Cape Gannet Ltd
Lender: Cape Gannet Ltd
Loan amount: USD4,000,000
Outstanding amount: USD152,680
Interest rate: Nil
Original due date: 28 February 2014
New due date: 31 December 2014
Other loan terms: Unchanged
Loan extension fee: 2,500,000 fully paid ordinary shares
Lender: Bungarra Resources Ltd
Loan amount: USD850,000
Outstanding amount: USD696,830
Interest rate: Nil
Original due date: 31 December 2013
Due date: 31 December 2014
Loan and extension fees: 16,000,000 fully paid ordinary shares
Lender: Zurily Resources and Trading Ltd
Loan amount: USD200,000
Outstanding amount: USD179,090
Interest rate: Nil
Due date: 31 December 2014
Loan Fee: 1,500,000 fully paid ordinary shares
R & K Global Finance Ltd is an entity associated with the Company's Chairman and substantial shareholder, Mr Mo Munshi. The loan has been concluded on arm's length basis, on terms which are similar to or more advantageous to the Company than those that could reasonably be expected to be reached with an independent third party lender. The key terms of the loan are as follows:
Lender: R & K Global Finance Ltd
Loan amount: USD300,000
Outstanding amount: USD125,500
Interest rate: Nil
Security: Due date:
Loan Fee: Garry Taylor
Company Secretary
Unsecured
31 December 2014, the Company can elect lo pay any outstanding amounts prior lo the due date
2,000,000 fully paid ordinary shares, subject lo shareholder approvai
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