TORONTO, ON / ACCESSWIRE / January 4, 2016 / Silver Predator Corp. (TSX-V: SPD) (the "Company" or "Silver Predator") announces that it has amended the terms of the US$275,000 loan from Resource Re Ltd. received on August 31, 2015(1), to fund its working capital requirements.
Subject to TSX.V approval, the amended terms are an increase in the loan amount of US$125,000 for a total of US$400,000 and an extension of due date to April 30, 2016. The loan is secured by the assets of the Company and the interest rate was increased from 12% to 14% per annum. The Company may prepay the principal, in whole or in part, at any time without penalty prior to maturity.
Resource Re Ltd., a wholly owned subsidiary of Till Capital Ltd. (TSXV: TIL), owns 71.65% of the Company's outstanding common shares. The loan is a related party transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemption from the formal valuation requirement in section 5.5(b) of MI 61-101 (as a result of its shares being listed on the TSX Venture Exchange) and the exemption from the minority approval requirement in section in section 5.7(a) of MI 61-101 (as a result of the transaction value being less than 25% of the Company's market capitalization).
Silver Predator Corp.
Silver Predator owns the Springer Tungsten Mine and Mill Complex where the current PEA states a mineral resource estimate of 355,000 Indicated tons at an average grade of 0.537% containing 190,635 STU's of WO3 and 1,933,600 Inferred tons at an average grade of 0.493% containing 952,326 STU's of WO3 with an IRR of 47% after tax and an estimated capex of 29.8 million dollars(2). The Springer facility was originally constructed and operated by General Electric Corp. in the late 1970s and was operational for a few months in the early 1980s when the project was put on care and maintenance due to low tungsten prices. The mill was modernized by Golden Predator Corp. in 2007-2008.
The Company also holds the Taylor silver-gold project in Nevada. The Taylor project hosts a current resource estimate(3), is open to expansion, and is located in a district that has identified the potential for discovery of additional silver and gold deposits.
Mr. Michael Maslowski, CPG, a Qualified Person as defined by National Instrument 43-101 and a consultant for the Company, has reviewed, verified and approved disclosure of the technical information contained in this news release.
For additional information:
William M. Sheriff
Chairman
or
Michael Maslowski
Interim CEO
(208) 635 5415
info@silverpredator.com
www.silverpredator.com
1) Silver Predator Corp News Release dated August 31, 2015
2) National Instrument 43-101 Technical Report; Preliminary Economic Assessment of the Springer Tungsten Mine Pershing County, Nevada, by Associated Geosciences Ltd. dated December 31, 2013 (and effective August 20, 2012) filed on SEDAR. The preliminary economic assessment is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized;
3) National Instrument 43-101 Technical Report; NI 43-101 of the Taylor Silver Project, White Pine County, Nevada, USA by Thomas H. Chadwick, Dean D. Turner, and Patrick J. Hollenbeck dated March 18, 2013 filed on SEDAR.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
SOURCE: Silver Predator Corp.
