Huldra Silver Inc. announces receipt of additional advance under Credit Facility and appointment of Interim CEO
VANCOUVER, B.C., July 8, 2013 – Huldra Silver Inc. (“Huldra” or the “Company“) is pleased to announce that it has received an additional advance of $500,000 under its debt facility with Waterton Global Value, L.P. (“Waterton“).
The advance forms a further advance under and is subject to the terms of the Credit Agreement, as amended, entered into with Waterton on June 16, 2011, bears interest at 5% per annum, calculated and payable on maturity, and is due on the earlier of the date of demand by Waterton, the date that Waterton provides a new loan to the Company or October 31, 2013. The amount to be repaid will also be subject to a silver adjustment provision similar to the provision contained in the Credit Agreement, unless Waterton provides a new loan to the Company, in which case the amount to be repaid will only be principal plus interest. In consideration for the advance, the Company agreed to pay a structuring fee of $10,000. The agreement is subject to approval of the TSX Venture Exchange. Waterton’s additional advance and continued cooperation will make a positive difference in the Company’s immediate plans.
The Company has appointed Peter Espig, a director of the Company, as interim CEO to replace Ryan Sharp. Mr. Sharp will continue to remain involved with the Company, focusing on operations. Mr. Espig is experienced in the analysis of investment opportunities, capital raising, deal sourcing, financial structuring and corporate turnaround. Over the past ten years, Mr. Espig has structured and raised funds for both private and public companies.
Mr. Espig was an executive in the Principal Finance and Securitization Group and Asia Special Situations Group for Goldman Sachs Japan where he was active as in deal sourcing, analyzing investment opportunities and corporate restructuring. Prior to his position at Goldman Sachs, he was an executive of the New York private equity firm Olympus Capital Holdings Asia and a leveraged finance and mergers and acquisitions banker at Shinsei Bank. Mr. Espig sits on the boards of several public and private companies and charitable organizations.
On behalf of the Board of Directors:
CFO & Director
For additional information contact:
Garth Braun at 604-647-0142
Neither the 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.