Mangazeya Mining Ltd. Announces that the Principal Amount of the Bridge Loan from Unique Goals International has been Increased and the Maturity Date has been Extended

CNW Group

TORONTO , Dec. 30, 2013 /CNW/ - Mangazeya Mining Ltd. ("Mangazeya" or the "Company", and formerly known as "White Tiger Gold Ltd.") (NEX:MGZ) announces that the principal amount of the bridge loan ("Bridge Loan") from Unique Goals International Inc. ("Unique") has been increased to US$40 million and the maturity date of the Bridge Loan has been extended to December 31, 2014 .

Extension of Bridge Loan Maturity Date

On March 4, 2013 , the Company announced that it entered into the US$1.5 million Bridge Loan from Unique.  At the time of the agreement, the Bridge Loan was unsecured, scheduled to mature on April 15, 2013 and bore interest at 15% per annum. On April 26, 2013 , the loan amount was increased to US$12,500,000 , the maturity date was extended to June 26, 2013 and the loan bore interest at 15% per annum.  On June 26, 2013 , the Company and Unique amended the terms of the Bridge Loan for a second time. Under the second set of amendments to the Bridge Loan, the loan amount was increased to US$25,000,000 and the maturity date was extended to September 15, 2013 . On October 3, 2013 , Unique and the Company agreed to extend the maturity date of the Bridge Loan to December 31, 2013 .

On December 30, 2013 , Unique and the Company agreed to increase the principal amount of the Bridge Loan to US$40 million and extend the maturity date of the Bridge Loan to December 31, 2014.   The amendment of the Bridge Loan is subject to NEX approval.

About Unique Goals International Ltd.

Unique Goals International Ltd. is a company beneficially owned, directly or indirectly, by Mr. Sergey Yanchukov , the Chairman and controlling shareholder of the Company.  By virtue of Mr. Yanchukov's status as an insider of the Company, the provision of the Bridge Loan constitutes related party transaction under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). However, pursuant to paragraph 5.4 of MI 61-101, a formal valuation is not required as the transaction does not fall under paragraphs (a) through (g) of the definition of a related party transaction.  In addition, pursuant to paragraph 5.7(f), an exemption for minority approval requirements for a related party transaction is available to the Company as the Bridge Loan is from a related party on reasonable commercial terms that are not less advantageous to the Company than if the loan or credit facility were obtained from a person dealing at arm's length with the issuer, and the loan, or each advance under the credit facility, as the case may be, is not:

(a)     convertible, directly or indirectly, into equity or voting securities of the issuer or a subsidiary entity of the issuer, or otherwise participating in nature; or

(b)     repayable as to principal or interest, directly or indirectly, in equity or voting securities of the issuer or a subsidiary entity of the issuer.

About Mangazeya Mining Ltd.

Mangazeya Mining Ltd. is a NEX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation .

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.


SOURCE Mangazeya Mining Ltd.

Contact:

Contact:

Mangazeya Mining Ltd. (formerly "White Tiger Gold Ltd.")
Sergey Kashuba
Chief Executive Officer
info@whitetigergold.com

Rates

View Comments (0)

Recommended for You

  • Tycoon's arrest sends shock wave through Russia

    Tycoon's arrest sends shock wave through Russia MOSCOW (AP) — The arrest of a Russian telecoms and oil tycoon has sent shock waves through the country's business community, with some fearing a return to the dark days of a decade ago, when the Kremlin asserted its power by imprisoning the country's…

    Associated Press
  • 1 Tip To Lose Belly Fat

    It's Hollywood's Hottest Diet And Gets Rid Of Stubborn Fat Areas Like Nothing Else.

    AdChoicesagoodcooksSponsored
  • SHOE COMPANY: Our CEO Just Disappeared And Most Of The Money Is Gone

    "and like that: he's gone." This is an actual headline from a company press release: "CEO and COO disappeared, most of the company's cash missing." (Via FastFT) In a statement, German-based shoe company Ultrasonic said its CFO,  Chi Kwong Clifford Chan, has been unable to reach the company's CEO,…

    Business Insider
  • Tycoon buys 30 Rolls-Royces for Macau hotel

    A Hong Kong tycoon has placed the biggest ever order for Rolls-Royce cars, agreeing to buy 30 Phantoms to chauffeur guests at a luxury resort he's building in the global gambling capital of Macau. Stephen Hung's $20 million purchase surpasses the 14 Phantoms bought by Hong Kong's Peninsula Hotel in…

    Associated Press
  • Here's What Mark Cuban Wishes He Knew About Money In His 20s

    Cuban is the owner of the Dallas Mavericks basketball team. Billionaire investor and entrepreneur Mark Cuban is generous with his advice. When we asked him what he wishes he'd known about money in his 20s, he said:

    Business Insider
  • Margaritaville casino owners seek bankruptcy

    The owner of Biloxi's Margaritaville casino has filed for Chapter 11 bankruptcy protection Tuesday, only hours before a hearing where the landlord aimed to seize the property. The filing by MVB Holding LLC in U.S. Don Dornan, a lawyer for landlord Clay Point LLC, said the company had planned to ask…

    Associated Press
  • Alibaba’s Small Increase in I.P.O. Price Is Puzzling

    Pricing initial public offerings is an inexact science. It’s not unusual for companies listing in the United States to tweak their I.P.O. price range before finalizing the offering. What’s surprising is that Alibaba made such a small adjustment when confronted with what people involved in the…

    The New York Times
  • Play

    What You Need to Know Before Buying Alibaba Shares

    Investors hoping to make a killing when Alibaba debuts its IPO should keep a few finer details in mind. The Intelligent Investor columnist Jason Zweig discusses on the News Hub with Sara Murray.

    WSJ Live
  • Best Womens Wrinkle Creams 2014

    Mom reveals simple wrinkle solution that has researchers very excited. Try this free solution today to look and feel years younger.

    AdChoicesBellaLabs.comSponsored
  • Boeing may have outfoxed Musk, but it could have bigger problems

    Elon Musk is arguably one of the greatest entrepreneurial minds of the 21st Century, but he was outsized an old school aerospace giant. Boeing won the bulk of NASA’s contract for a space taxi.  One of the other companies vying for the deal is SpaceX, the company headed by Tesla’s Musk, will get a…

    Talking Numbers
  • Top Analyst Upgrades and Downgrades: Arch Coal, Coca-Cola, Duke Energy, Microsoft, Oracle, Visa and More

    Top Analyst Upgrades and Downgrades: Arch Coal, Coca-Cola, Duke Energy, Microsoft, Oracle, Visa and More Stocks were soft on Tuesday after mixed fanfare on Monday. Investors are still looking for opportunities now that some stocks have pulled back. 24

    24/7 Wall St.
  • The Government Keeps Helping People Buy Failing Cold Stone Creamerys

    Would you loan someone money to buy a Cold Stone Creamery franchise if you knew that more than a quarter of those loans default? Over the last decade, franchisees in the Cold Stone Creamery ice cream chain defaulted on 29 percent of working-capital loans backed by the government, costing taxpayers…

    BusinessWeek
  • Big Minnesota insurer leaves Obamacare site

    The "Blue Ox" of Minnesota Obamacare is calling it quits. PreferredOne, the insurer that sold nearly 60 percent of all private health plans on Minnesota's Obamacare exchange, on Tuesday said it would leave that marketplace. PreferredOne's plans were the lowest-cost options on that exchange, known…

    CNBC
  • Facebook Is Hiding Important Information From Investors

    Facebook Is Hiding Important Information From Investors Facebook.com/sheryl On July 23, when Facebook reported its earnings for the second quarter, the company stunned everyone. Revenues were $2.68 billion, up 67% from the same quarter during the year

    Business Insider
  • United Offers $100,000 Buyouts to Flight Attendants

    Employees who accept the early-exit plan will be eligible for lump-sum payments, said a spokeswoman, Megan McCarthy, who declined to disclose the formula needed to reach the maximum. United also is recalling 1,450 furloughed attendants, most of whom took voluntary leave one to two years ago, she…

    Bloomberg
  • Tired of Living Paycheck to Paycheck?

    New website reveals how to save $1,000's when you're living paycheck to paycheck. See exactly how.

    AdChoices Media ForceSponsored
  • Airbus Keeps A380 Production Rate Even With Scarce Orders

    Airbus Chief Executive Officer Fabrice Bregier said the company can maintain a production rate of almost 30 A380 a year even amid slack demand, and will seek to build fresh interest with superjumbos coming off lease. Bregier, speaking at the Airbus factory in Hamburg, where Qatar Airways Ltd. took…

    Bloomberg
  • Why investors may get a rude awakening: Siegel

    Stocks could be in for a rough ride in the next week or so as investors come to realize that the market is a "little behind the curve" on interest rates, longtime stock market bull Jeremy Siegel said Tuesday as the Federal Reserve began its two-day policy meeting. "If you look at the Fed Funds…

    CNBC
  • Tesla prevails in top Massachusetts court over direct sales

    Massachusetts' highest court on Monday threw out a lawsuit seeking to block Tesla Motors Inc from selling its luxury electric cars directly to consumers in the state, enabling it to bypass traditional dealerships. The state's Supreme Judicial Court unanimously concluded that the Massachusetts State…

    Reuters
  • Play

    What the Fed Meeting Means for Bonds

    Janet Yellen & Co. are expected to hint at their timetable for raising interest rates. Here's how investors should prepare ahead of the meeting.

    WSJ Live
  • Student-Loan Borrowers Have Chance to Refinance at Lower Rates

    Borrowers who want to lower the interest rate on their federal student loans have a new option. announced on Tuesday that it is accepting applications from both parent and student holders of federal loans to refinance into private loans at the Providence, R.I.-based bank. Some borrowers who have…

    The Wall Street Journal
  • Why Russians Are Buying Fewer iPhones and iPads

    The iPhone's incredible run in Russia is stalling. After doubling iPhone sales in Russia last year, Apple's share of smartphone units sold there last quarter declined about a third of a percentage point, according to researcher IDC. Meanwhile, the iPad has dropped to No. 4 in Russia, behind Lenovo,…

    Bloomberg
  • The Steps To Success

    Who is the one person who has had the biggest impact on your life?

    AdChoicesstrayerSponsored
  • De Beers warns diamonds aren't forever

    De Beers warns diamonds aren't forever The De Beers diamond cartel warned Wednesday that global production will decline from 2020, a trend that could spell pricier bling for consumers. A dearth of major new diamond finds means that production might not keep up with ever-increasing demand from the…

    AFP