Maudore Announces Closing of Term Loans
MONTREAL, Dec. 18, 2012 /CNW Telbec/ – Maudore Minerals Ltd. (“Maudore”
or the “Company”) (MAO: TSX-Venture; MAOMF: US OTC; M6L: Frankfurt Exchange), today announced that, further to its news release
of December 5, 2012, it has closed a total of $3.25 million in secured
term loans with City Securities Ltd., a corporation owned by Mr. Seager
Rex Harbour, and Monemvasia Pty Ltd., a corporation associated with Mr.
Kevin Tomlinson (the “Term Loans”). The Term Loans bear an interest
rate of 12% per annum and are intended to be outstanding during an
interim period until the previously announced $35 million debt facility
has been completed. The Term Loans will mature on March 31, 2014,
unless repaid or redeemed earlier in accordance with the terms and
conditions of the Term Loans.
About Maudore Minerals Ltd.
Maudore Minerals Ltd. (“Maudore”) is a Canadian-based gold exploration
Company controlling around 96,000ha (960 sq. km or 370 sq. miles) of
claims dominated by gold-prospective Abitibi Greenstone belt in
northwestern Quebec. Maudore owns 100% of the Comtois Gold Project
defined by a continually expanding resource, solid grades and excellent
metallurgical attributes. Infrastructure is excellent:
-- Highway -- North America's lowest cost power -- Abundant water -- Mining-oriented local community and workforce.
Quebec is consistently ranked among the best locations worldwide for
mineral exploration and development.
Cautionary Statement Regarding Forward-Looking Statements
This release contains forward-looking statements. All statements that
are not clearly historical in nature or that necessarily depend on
future events are forward-looking, and the words “anticipate,”
“believe,” “expect,” “estimate,” “plan,” and similar expressions are
generally intended to identify forward-looking statements. These
statements are inherently uncertain and actual achievements of the
Company or other future events or conditions may differ materially from
those reflected in the forward-looking statements due to a variety of
risks, uncertainties and other factors, including, without limitation,
financial related risks, unstable gold and metal prices, operational
risks including those related to title, operational hazards, unexpected
geological situations, unfavourable mining conditions, changing
regulations and governmental policies, failure to obtain required
permits and approval from government authorities, failure to obtain any
required approvals of the TSX Venture Exchange, failure to obtain any
required shareholder approvals, failure to obtain required financing,
failure to complete any of the transactions described herein,
dependence on key personnel and environmental risks. It is recommended
not to place undue reliance on forward-looking statements as the plans,
intentions or expectations upon which they are based might not occur.
The Company does not assume any obligation to update any
forward-looking statements contained in this release, except as
required by applicable law.
The TSX Venture Exchange has not reviewed this release. 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.
SOURCE Maudore Minerals Ltd.