June 15th, 2016
Silver Predator Announces Revised Agreements on Promissory Notes; Annual General Meeting Update
Toronto, Ontario, June 15th, 2016: Silver Predator Corp. (TSX.V:SPD) (the “Company” or “Silver Predator”) is pleased to announce that Silver Predator and Till Capital Ltd., the parent company of Resource Re Ltd. (“RRL”), have agreed to an extension to the repayment dates of the Springer(1) and 2015 Short Term (2) promissory notes.
Subject to TSX.V approval, the amended terms extend the due date to January 17, 2017 for the second payment, in the amount of US$1,500,000 plus interest, on the original US$4,500,000 Springer note. The interest rate will also increase from 10% to 14%, effective July 18, 2016. Additionally, the US$400,000 2015 Short Term note (with a current balance of US$350,000) has been amended to extend its payment due date to January 17, 2017, with an increase in the interest rate from 14% to 15% effective June 16, 2016. The notes will be repayable only in cash.
RRL is a wholly owned subsidiary of Till Capital Ltd. (TSXV: TIL) that owns 71.62% of the Company’s outstanding common shares. The notes are a related party transaction within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from the formal valuation requirement in section 5.5(b) of MI 61-101 (as a result of its shares being listed on the TSX Venture Exchange) and the exemption from the minority approval requirement in section in section 5.7(f) of MI 61-101 (as a result of the transaction being a loan on reasonable commercial terms and without an equity component).
“We are pleased that the revised agreements will afford Silver Predator the opportunity to pursue recent indications of interest in this improving metals market, which should help us to complete the asset realization program we embarked upon in mid-2015,” said Silver Predator’s Chief Executive Officer, Michael Maslowski. “We believe it is in the best interests of both RRL and Silver Predator to provide this additional time to market Silver Predator’s unique asset in the Springer mine and mill,” said Dr. Terry Rickard, Interim CEO of Till Capital Ltd.
Annual General Meeting Location and Conference Call-in Information
The Company’s Annual General Meeting will be held on Thursday, June 23, 2016 at 9:00 am (Pacific Time) at 13403 N. Government Way, Suite 212, Hayden, Idaho 83835. The Notice of Annual General Meeting and Information Circular are available on the Silver Predator Corp. website at: www.silverpredator.com
Shareholders and interested parties are invited to attend the meeting by conference call using the following numbers:
PARTICIPANT DIAL IN (TOLL FREE): 1-877-270-2148
PARTICIPANT INTERNATIONAL DIAL IN: 1-412-902-6510
It is recommended that callers dial in approximately five minutes before the conference call is scheduled to begin and ask to be joined into the Silver Predator call. The conference call and all questions and answers will be recorded and made available until June 30, 2016.
For conference replay, call:
US Toll Free: 1-877-344-7529
International Toll: 1-412-317-0088
Canada Toll Free: 855-669-9658
Replay Access Code: 10088020
Silver Predator Corp.
Silver Predator owns the Springer Tungsten Mine and Mill Complex where the current mineral resource estimate(3) is 246,117 Indicated tons at an average grade of 0.43% containing 106,113 STU’s (short ton units) of WO3 (tungsten trioxide) and 1,768,968 Inferred tons at an average grade of 0.48% containing 852,884 STU’s of WO3. The Springer facility was originally constructed by General Electric Corp. in the late 1970’s and was operational for a few months in the early 1980’s when the project was put on care and maintenance due to low tungsten prices. Golden Predator Corp. modernized the mill in 2007-2008.
The Company also holds the Taylor silver-gold project in Nevada. The Taylor project hosts a current resource estimate (4) , is open to expansion, and is located in a district that has identified the potential for discovery of additional silver and gold deposits.
Mr. Michael Maslowski, CPG, a Qualified Person as defined by National Instrument 43-101 and a consultant for the Company, has reviewed, verified and approved disclosure of the technical information contained in this news release.
For additional information:
Nathan A. Tewalt
(208) 635 5415
1) Silver Predator Corp News Release dated December 17, 2013
2) Silver Predator Corp News Release dated January 4, 2016
3) Silver Predator Corp News Release dated February 12, 2016
4) National Instrument 43-101 Technical Report; NI 43-101 of the Taylor Silver Project, White Pine County, Nevada, USA by Thomas H. Chadwick, Dean D. Turner, and Patrick J. Hollenbeck dated March 18, 2013 filed on SEDAR.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
This press release contains forward-looking statements regarding future events, including the ability of the Company to successfully conclude the proposed sale of assets and to meet future payment obligations under the notes. There are numerous risks and uncertainties that could cause actual results and Silver Predators’ plans and objectives to differ materially from those expressed in the forward-looking statements. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Silver Predator assumes no obligation to update forward-looking information should circumstances or management’s estimates or opinions change.