Meridian Mining Announces Executive Change and New Loan Agreement
LONDON, June 13, 2018 /CNW/ - Meridian Mining SE (TSXV: MNO) ("Meridian" or the "Company") today announced that Mr. Anthony Julien has resigned as President and CEO of the Company. Mr. Julien has also resigned as a director of Meridian. The Company thanked Mr. Julien for his years of service with Meridian.
The Company is also pleased to announce the appointment of Mr. Gilbert Clark as interim President and CEO of Meridian. Mr. Clark is a geologist and has extensive experience in mineral exploration and development. Mr. Clark has served as a Partner with Sentient Equity Partners since 2017. Prior to that he was a Senior Investment Advisor and Director at Sentient Asset Management Canada. He has been involved in private equity investments and appraisals primarily in the mining and energy sectors and is currently a non-executive Director of North American Nickel Inc.
The Company also announced that on June 12, 2018 it agreed to enter into a new loan from Sentient Global Resources Funds IV LP of US$2,000,000. The proceeds from the loan will be used for working capital. The loan bears interest at a rate of 10% per annum and matures on September 30, 2019.
The loan constitutes a "related party transaction" for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The transaction is exempt from the valuation and minority approval requirements of MI 61-101 in accordance with sections 5.5(a) and 5.7(a), respectively, by virtue of the fact that the value of the loan is less than 25% of the Company's market capitalization.
On behalf of the Board of Directors
of Meridian Mining SE
Chairman of the Board
Meridian Mining SE is focused on the acquisition, exploration, development and mining activities in Brazil. The Company is currently focused on exploring and developing the Espigão manganese and gold projects, the Bom Futuro tin JV area, and adjacent areas in the state of Rondônia. Meridian is currently producing high grade manganese at its project located at Espigão do Oeste.
Further information can be found at www.meridianmining.co.
Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the Company's plans for exploration and development of its properties and potential mineralization. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such risk factors include, among others, failure to obtain regulatory approvals, failure to complete anticipated transactions, the timing and success of future exploration and development activities, exploration and development risks, title matters, inability to obtain any required third party consents, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices and one-time events. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed exploration and development of mineral projects will proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and (3) any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
The Company cautions that it has not completed any feasibility studies on any of its mineral properties, and no mineral reserve estimate has been established. In particular, because the Company's production decision relating to BMC's manganese project is not based upon a feasibility study of mineral reserves, the economic and technical viability of the Espigão manganese project has not been established.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Meridian Mining S.E.
John Sabine, tel 416-777-6237.