The parent company of Audrey Resources (TSE) has agreed in principle to provide Audrey with a loan facility worth up to $17 million.
The loan from Cambior (TSE) will allow Audrey, which is developing its 1100 lens project near Rouyn-Noranda, Que., to repay a bank loan from Elders Finance (due Sept. 30) and pursue its work plans for the 1100 lens. The loan will be repayable after the tabling of a feasibility study on the 1100 lens but no later than Dec. 31, 1994. Cambior retains the option of converting the loan (in whole or part) into unissued common shares of Audrey at $1.25 per share. The loan agreement and conversion option are subject to regulatory approval.
Be the first to comment on "NEWS ROUNDUP — Cambior, Audrey in loan agreement"