Olivut Resources Ltd. Funding Update
Olivut Resources Ltd. (OLV.V) announces that pursuant to the terms of the Securities Purchase Agreement dated March 12, 2013 to raise up to $18 million over approximately the next 36 months in a tranched placement of securities to the Canadian Special Opportunity Fund, L.P. (CSOF), CSOF has elected not to receive common shares as repayment for the initial $200,000 tranche funding received on March 13, 2013. In accordance with the terms of the Agreement, at the Company's election the initial $200,000 tranche financing that would otherwise be repayable to CSOF will instead be set off against the prepayment due in connection with a subsequent cash advance under the Agreement. The $200,000 of common shares to repay this initial cash advance that were initially expected to be issued on April 9, 2013 are now expected to be issued on May 10, 2013.
Shares are just above a yr low of 31 cents.
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