MinVen loan is restructured

A $7 million loan which was to have been paid in full last January has been restructured by Citibank and MinVen Gold (TSE). Under the terms of the agreement, Citibank has released MinVen from various financial covenants and has agreed to a repayment schedule through to September, 1993.

MinVen will make a prepayment of $4 million from the proceeds of its proposed sale of a 60% interest in the Golden Reward mine in South Dakota to Wharf Resources (TSE). MinVen has also agreed to pay Citibank a facilities fee of $150,000 and issue options to acquire approximately 2.2 million MinVen common shares at 38 cents per share.