Gryphon Gold Provides Update on Senior Credit Facility
Gryphon Gold Corporation (GGN.TO) an update on its Senior Secured Gold Stream Facility with Waterton Global Value L.P. Under the terms of the Credit Facility, monthly principal, interest and premium payments are required to be made on the last day of each month until November 2014.
The company has the option of satisfying the monthly principal and premium payments in cash, by delivery of physical gold or by the assignment to Waterton of an interest in Borealis Mining Company LLC in such amounts or number determined in accordance with the requirements of the credit agreement, as amended, relating to the Credit Facility. For the payment due on March 31, 2013, the Company assigned to Waterton 80,000 membership units in Borealis and for the payment due February 28, 2013, the company assigned to Waterton 40,000 membership units of Borealis. As a result, the Company now owns a 38.8% interest in Borealis (3,880,000 membership units) and Waterton owns a 61.2% interest.
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