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Tamerlane Ventures Inc. ("Tamerlane" or the
"Company") (TSX-V: TAM) is pleased to announce that
it has reached an agreement in principle for the extension to
October 16, 2013 of the Company's US$10 million senior
secured bridge loans with its lender and shareholder, Global
Resource Fund ("Global") which is managed by Renvest
Mercantile Bancorp Inc. The loans had been scheduled for
repayment on October 16, 2012. In addition to the extension
of the maturity, Global has also agreed that the interest of
approximately US$105,000 per month due for September 2012
through December 2012 will be capitalized and added to the
face value of the loan. As consideration for the extension,
the Company has agreed to pay Global a fee of US$1,000,000
which will be capitalized and added to the face value of the
loan. The Company will also issue Global 16,172,673 Tamerlane
common shares, in addition to the 5,096,154 common shares
Global now holds. Global will then hold 21,268,827 shares, or
19.9% of Tamerlane's outstanding shares. Beginning in January
2013, interest must be paid monthly in cash, and interim
principal repayments will be required equal to 50% of new
equity in excess of $1,000,000 raised by the Company subject
to minimum repayments of $1,500,000 on or before each of
March 31, 2013 and June 30, 2013. Interest on the loans will
remain at 12.5% per annum. Global will also have the right to
nominate one member to the Company's board of directors.
Mike Willett, CEO of Tamerlane, commented, "We are pleased
that the Company and Global have reached agreement on an
extension of the Company's senior secured loans. The one-year
extension will give Tamerlane time to secure financing for
our Pine Point project. We are excited that Global will
become a significant shareholder and supports our vision
moving forward."
The Company also announces the filing of its unaudited
interim condensed consolidated financial statements and
management's discussion & analysis ("MD&A") for
the three months and nine months ended September 30, 2012, as
required by National Instrument 51-102 - Continuous
Disclosure Obligations.|
Tamerlane's financial statements and MD&A for the three
and six months ended September 30, 2012 are available for
viewing on the Company's website at www.tamerlaneventures.com
and on SEDAR at www.sedar.com.
About Tamerlane Ventures Inc.
Tamerlane Ventures Inc. is an exploration and development
mining company with advanced base metal development projects
in Canada and Peru. The Company's immediate focus is bringing
the 100%-owned Pine Point Project to production. The
Company is currently in the financing phase and expects to
commence construction following financing. Tamerlane plans to
sell the well-known, Pine Point Concentrates to various
smelting facilities around the world. The Company also plans
to develop its Los Pinos heap leach copper project in Peru.
"Michael A. Willett"
Chief Executive Officer
For further information, please contact:
Tamerlane Ventures Inc.
Brent Jones
Director of Corporate Communications and Investor
Relations
Phone: (360) 332-4636
Fax: (360) 332-5025
Website: www.tamerlaneventures.com
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.
Caution Concerning Forward-Looking Information
This press release contains forward-looking information
within the meaning of applicable securities laws. We use
words such as "may", "will", "should", "anticipate", "plan",
"expect", "believe", "estimate" and similar terminology to
identify forward-looking information. It is based on
assumptions, estimates, opinions and analysis made by
management in light of its experience, current conditions and
its expectations of future developments as well as other
factors which it believes to be reasonable and relevant.
Forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause our actual
results to differ materially from those expressed or implied
in the forward-looking statements and, accordingly, readers
should not place undue reliance on those statements. Risks
and uncertainties that may cause actual results to vary
include but are not limited to the speculative nature of
mineral exploration and development, including the
uncertainty of reserve and resource estimates; operational
and technical difficulties; the availability to the Company
of suitable financing alternatives; fluctuations in zinc,
lead and other resource prices; changes to and compliance
with applicable laws and regulations, including environmental
laws and obtaining requisite permits; political, economic and
other risks arising from our activities; fluctuations in
foreign exchange rates; as well as other risks and
uncertainties which are more fully described in our annual
and quarterly Management's Discussion and Analysis and in
other filings made by us with Canadian securities regulatory
authorities and available at www.sedar.com
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