Almaden Minerals Ltd. Enters into Secured Gold Loan Agreement with Almadex Minerals Ltd.
Almaden Minerals, Ltd. Common Shares (AAU)
NASDAQ:AMEX Investor Relations:
almadenminerals.com/investors/stock_info.html
Company Research
Source: GlobeNewswire
VANCOUVER, B.C., May 14, 2019 (GLOBE NEWSWIRE) -- Almaden Minerals Ltd. (“Almaden” or the “Borrower”; TSX: AMM; NYSE American: AAU) has entered into a secured gold loan agreement (“Gold Loan”) with Almadex Minerals Ltd. (“Almadex” or the “Lender”; TSX.V: DEX) pursuant to which Almadex has agreed to loan up to 1,597 ounces of gold to Almaden. The approximate value of this gold is US$2 million. Under the terms of the Gold Loan, Almaden will be entitled to draw-down the gold in minimum 400 oz tranches. At any given time, the amount of gold ounces drawn multiplied by the London Bullion Market Association (“LBMA”) AM gold price in U.S. dollars, plus any accrued interest or unpaid fees, shall constitute the Loan Value. The maturity date for the Gold Loan is March 31, 2024, and can be extended by two years at the discretion of the Borrower (the “Term”). Repayment of the Loan Value shall be made either through delivery of that amount of gold drawn, or through the issuance of shares of the
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