Woulfe Mining Corp. announced on February 18 that it has executed an Omnibus Amendment Agreement in respect of the $10.0 million bridge loan advanced by TaeguTec, an affiliate of International Metalworking Companies B.V. (IMC), on February 26, 2012 and March 4, 2013, which includes amendments to the Subscription Agreement originally dated February 26, 2012 between the Company, its subsidiary Sangdong Mining Corp. and IMC pursuant to which, subject to the terms and conditions thereof, IMC will acquire a 25 percent interest in Sangdong for aggregate consideration of $35 million.
According to a release, pursuant to the Amendment, the maturity date of the original loan has been extended to the earlier of the closing of the strategic transactions with IMC or December 15. Additionally, the parties have agreed that the outside date for the completion of the transactions contemplated by the Subscription Agreement shall be extended until December 15, 2015. The parties are however working towards completion of the transactions contemplated by the Subscription Agreement as soon as is feasible, but which is expected to be following the completion of the proposed $6 million work program on the Sangdong project as previously announced on October 28, 2013.
Woulfe Mining Corp., through its subsidiary, Sangdong Mining Corp., is dedicated to developing the Sangdong tungsten-molybdenum mine.
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