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Sujet: "GGN news JV" Précédent discussions | Suivant discussions
emizen777Jeudi 31 Janvier 2013, 08:26 AM
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#191054, "GGN news JV"


          

Gryphon Gold Announces Joint Venture With Waterton Global Value L.P.

CARSON CITY, NEVADA--(Marketwire - Jan. 31, 2013) - Gryphon Gold Corporation (the "Company" or "Gryphon Gold") (TSX:GGN)(OTCQB:GYPH), a gold exploration, development, and production company focused on its Borealis Oxide Heap Leach Project in Nevada (the "Borealis Property"), announced today it has entered into agreements (collectively, the "Agreement") with Waterton Global Value L.P. ("Waterton") and a subsidiary of Waterton to form a joint venture with Gryphon's Borealis Mining Company.


Under terms of the Agreement, Waterton will convert $17.0 million, or about two-thirds, currently outstanding under its Senior Credit Facility with Gryphon Gold for a 60% ownership interest in the Company's subsidiary, Borealis Mining Company ("Borealis"). Gryphon Gold will own a 40% interest in Borealis and the amount due under the Senior Credit Facility will be reduced to $8.0 million, which is to be repaid in monthly installments commencing on January 31, 2013 through the end of the term in November 2014. The reduction of the amount outstanding under the facility will reduce the Company's' monthly debt payments from $1.4 million, by approximately $1.0 million, to $0.4 million.


As previously announced, Borealis' production was adversely impacted as a result of certain operational issues and particularly due to equipment failures at its Adsorption Desorption Recovery (ADR) refining facility. The Board of Directors of the Company surveyed a number of alternatives to mitigate the Company's working capital deficit. Given the challenging equity markets, the Company has determined that the best and most actionable method of preserving shareholder value is to immediately restructure its Credit Facility with Waterton.


James T. O'Neil Jr., Chief Executive Officer and Interim CFO of Gryphon Gold, stated, "Waterton has been a strong supporter of Gryphon Gold and an integral part of the advancement of the Borealis Property. This transaction provides the Company with a strengthened capital structure, and importantly, adds Waterton as a joint venture partner, bringing a wealth of technical expertise and successful gold mining experience. With their partnership, we expect to significantly increase mining efforts and current production activities, including adding additional crushing capabilities and hauling equipment."


Cheryl Brandon, Portfolio Manager at Waterton, stated, "We are very excited about our partnership with Gryphon Gold and the future potential of the Borealis project. Our expectation is that the near term initiatives being undertaken at the Borealis Property along with our experience and added capital will enable us to increase recovery rates and extend the life of the mine."


Concurrent with the joint venture and the debt reduction, Gryphon Gold and Waterton entered into an operating agreement which will govern the operational and financial obligations of both joint venture parties on a going-forward basis. Gryphon Gold is responsible for the payment of an initial $4.0 million to the joint venture to compensate Borealis for obligations incurred prior to the formation of the joint venture, in addition to 40% of an initial $4 million contemplated capital contribution. Waterton will advance a total of $5.6 million to Gryphon, with $3.0 million already having been advanced, to cover the Company's initial capital contributions to the joint venture which will be repaid, with interest at escalating rates, on or before July 31, 2013. Ongoing capital contributions will be determined by the board of managers of Borealis, and will be paid by both parties equal to their respective ownership interest in Borealis. If one party fails to meet a financial obligation it will be subject to dilution in their ownership interest in Borealis. In addition, if Gryphon fails to meet monthly payment obligations under the Senior Credit Facility, its interest in Borealis will be diluted in accordance with the terms of the Credit Agreement relating to the Senior Credit Facility.

  

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RE: GGN news JV, n2o, Jeudi 31 Janvier 2013, 09:56 AM, #1
RE: GGN news JV, Backcountry, Samedi 02 Février 2013, 06:17 AM, #2
      RE: GGN news JV, arielpls, Samedi 02 Février 2013, 09:52 AM, #3
           RE: GGN news JV, cthippannawer, Lundi 04 Février 2013, 03:36 PM, #4
                RE: GGN news JV, emizen777, Mercredi 06 Février 2013, 02:34 PM, #5
                     RE: GGN news JV, arielpls, Mercredi 06 Février 2013, 04:18 PM, #6
                          RE: GGN news JV, arielpls, Jeudi 14 Février 2013, 05:28 PM, #7
                               RE: GGN news JV, arielpls, Jeudi 14 Février 2013, 05:40 PM, #8
                                    RE: GGN news JV, arielpls, Vendredi 01 Mars 2013, 09:59 AM, #9
                                         RE: GGN news JV, arielpls, Jeudi 07 Mars 2013, 08:28 PM, #10
                                              RE: GGN news JV, n2o, Vendredi 08 Mars 2013, 03:46 PM, #11
                                                   RE: GGN news JV, arielpls, Samedi 09 Mars 2013, 07:42 AM, #12
                                                        RE: GGN news JV, arielpls, Vendredi 05 Avril 2013, 10:52 AM, #13
                                                             RE: GGN news JV, moneytalk, Mardi 25 Juin 2013, 11:00 PM, #14

n2oJeudi 31 Janvier 2013, 09:56 AM
Membre depuis Jeudi 31 Janvier 2013, 09:56 AM
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#191077, "RE: GGN news JV"
En reponse à Reponse # 0


          

Si je comprends bien, ils ont payé presque 0.15$ l'action pour avoir
60%de la compagnie.

  

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BackcountrySamedi 02 Février 2013, 06:17 AM
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#191283, "RE: GGN news JV"
En reponse à Reponse # 1


          

Effectivement, considérant la valeur que reconnait Waterton dans cette transaction, le cours de l'action devrait situé à 0.10 $.

Jean

  

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arielplsSamedi 02 Février 2013, 09:52 AM
Membre depuis Samedi 02 Février 2013, 09:52 AM
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#191296, "RE: GGN news JV"
En reponse à Reponse # 2


          

Il a fini la séance de vendredi avec presqu'un marteau. On peut entrevoir un changement de tendance pour les prochains jours...

  

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cthippannawerLundi 04 Février 2013, 03:36 PM
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#191411, "RE: GGN news JV"
En reponse à Reponse # 3


          


Méchante bèche down !!!! 0,045 cents

  

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emizen777Mercredi 06 Février 2013, 02:34 PM
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#191534, "RE: GGN news JV"
En reponse à Reponse # 4


          

que pensez de lui a 4 cents, time to in? interessant

  

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arielplsMercredi 06 Février 2013, 04:18 PM
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#191535, "RE: GGN news JV"
En reponse à Reponse # 5


          

On peut spéculer qu'il y aura un BO bientôt. Je suis IN à 0,065c et je vais probablement en rajouter entre 0,04 et 0,05. J'attends de voir l'allure des prochains jours.




Pièce jointe #1, (gif file)

  

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arielplsJeudi 14 Février 2013, 05:28 PM
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#192048, "RE: GGN news JV"
En reponse à Reponse # 6


          

Gryphon Gold Corporation GGN 2/14/2013 5:31:45 PMGryphon Gold Reports $3.2 Million in Revenue for the Third Quarter of Fiscal 2013
The Company Entered Into a Joint Venture Agreement With Waterton Global Value L.P. to Strengthen Capital Structure and Continue Advancement of Borealis Property
CARSON CITY, NEVADA--(Marketwire - Feb. 14, 2013) - Gryphon Gold Corporation (the "Company" or "Gryphon Gold") (TSX:GGN)(OTCQB:GYPH), a gold exploration, development and production company focused on its Borealis Oxide Heap Leach Project in Nevada (the "Borealis Property"), reported financial results for its third quarter of fiscal 2013, which ended December 31, 2012.

The Company reported revenue of $3.2 million in the third quarter of fiscal 2013 on sales of 1,904 gold equivalent ounces, compared with revenue of $0.9 million in the third quarter of fiscal 2012. Revenue in the trailing second quarter was $3.5 million on sales of 2,262 gold equivalent ounces.

During the third quarter, approximately 196,585 tons of ore was placed on the heap leach pad compared with 261,730 tons in the trailing second quarter. The Company produced 1,942 gold equivalent ounces in the quarter at a recovery rate of approximately 40% with an average cash cost per ounce of $1,292. For the first nine months of fiscal 2013, the average cash cost per ounce was approximately $1,346. This is a non-GAAP measurement, see page 4 for reconciliation.

James T. O'Neil Jr., CEO and Interim CFO of Gryphon Gold, commented, "We have continued to make progress in advancing the Borealis Property; however, necessary construction interruptions related to expansion efforts, unforeseen equipment difficulties at the Adsorption Desorption Recovery ("ADR") refining facility and inclement weather typical of this time of the year impacted our production and corresponding sales for the quarter."

Mr. O'Neil Jr. continued, "As we had previously noted, our capital was severely strained and, as a result, our Board of Directors reviewed a number of options with the objective to strengthen our financial position. The joint venture that was announced with Waterton at the end of January not only improved our balance sheet and our working capital, it also brought an ideal partner with extensive technical and operational expertise that we believe will be critical to maintain the initiatives currently underway, and advance the property to a level greater than previously thought, including stronger recovery rates and a longer mine life."

Joint Venture Agreement with Waterton Global Value L.P.

On January 31, 2013, Gryphon Gold entered into multiple agreements with Waterton Global Value L.P. ("Waterton") and a subsidiary of Waterton, forming a joint venture with Gryphon's subsidiary, Borealis Mining Company ("Borealis"). Under terms of the agreement, Waterton converted $17.0 million, or approximately two-thirds of amounts due under its Senior Credit Facility with Gryphon Gold for a 60% ownership interest in Borealis. Gryphon Gold will own a 40% interest in Borealis and the amount due under the Senior Credit Facility will be reduced to $8.0 million, which is to be repaid in monthly installments commencing on January 31, 2013 through the end of the term in November 2014. The reduction of the amount outstanding under the facility will reduce the Company's monthly debt payments by approximately $1.0 million to $0.4 million.

Additionally, Gryphon Gold and Waterton entered into an operating agreement which will govern the operational and financial obligations of both parties with respect to the joint venture.

Third Quarter Fiscal 2013 Results

Operating expenses of $0.7 million for the third quarter were consistent with the prior-year period and the trailing second quarter. A decrease in employee related costs for the quarter were offset by increased asset retirement obligations due to the expansion of the heap leach pad and higher legal and audit fees. The Company realized a loss from operations of $1.3 million and $0.7 million for the third quarter of fiscal 2013 and 2012, respectively.

Interest expense, net of capitalized interest, was $0.5 million for the quarter, up from $0.4 million in the prior-year period for interest payments made on promissory and convertible notes issued to reduce potential future royalty obligations and debt incurred since April 2011.

For the third quarter of fiscal 2013, the Company had a net loss of $1.8 million, or $0.01 per diluted share, compared with a net loss of $1.2 million, or $0.01 per diluted share, for the same period of the prior year.

Liquidity Position

At December 31, 2012, the Company had cash on hand of $0.6 million, relatively consistent with the cash balance at March 31, 2012, but down significantly from the $4.5 million cash balance at September 30, 2012. The change in cash from the second quarter reflects ongoing operational investments to expand production capacity at the Borealis Property.

At December 31, 2012, the Company had $6.1 million of inventory. Additional current assets at the end of the third quarter included $0.1 million in accounts receivable, $0.7 million in prepaid expenses and $0.5 million in deferred debt costs.

Nine-Month Summary

Revenue for the nine-month period ending December 31, 2012 was $12.6 million on sales of 7,989 gold equivalent ounces compared with revenue of $0.9 million for the first nine months of fiscal 2012. The Company produced 7,709 gold equivalent ounces at a recovery rate of approximately 40%.

Operating expenses for the first nine months of fiscal year 2013 were $2.1 million, an increase of $0.2 million over the first nine months of fiscal year 2012, which reflects higher legal and audit fees associated with royalty negotiations, the senior credit facility and increased reporting associated with production.

Interest expense increased $1.3 million to $1.8 million from $0.5 million in the first nine months of fiscal 2012, due to the interest incurred on promissory and convertible notes issued to reduce the potential future obligations under the royalty liability and the credit facility. The Company also recognized a gain of $0.8 million in the nine-month period ending December 31, 2012 for the change in liability warrants issued in Canadian dollars.

Year-to-date fiscal 2013 net loss was $3.2 million compared with a net loss of $2.5 million in the prior-year period.

Focused on Expanding Production Capacity

The Company's strategy is to facilitate an increase in production volume and sales at Borealis to create operational leverage which will reduce cash costs per ounce and improve the recovery rate, as well as generate sufficient cash to invest in further exploration and development.

"While we experienced a setback with the failure of the ADR facility's boiler, we were able to quickly find a replacement and Borealis has begun pouring gold again," stated Donald B. Tschabrun, Chief Operating Officer of Borealis Mining Company LLC. "With production resuming and having Waterton onboard, we have shifted our focus back to investments aimed at expanding Borealis' production capacity including additional crushing capabilities and hauling equipment."

Third Quarter Fiscal 2013 Conference Call and Webcast

The Company will host a conference call and webcast to discuss its results, progress in advancing the Borealis Property and its recent joint venture agreement on Friday, February 15, 2013 at 1:00 p.m. ET. The teleconference call can be accessed by calling (201) 689-8560. The webcast can be found on the Company's website at www.gryphongold.com.

A telephonic replay will be available from 4:00 p.m. ET the day of the teleconference until Friday, February 22, 2013. To listen to a replay of the call, dial (858) 384-5517 and enter replay pin number 407895. An archive of the webcast will be available on the Company's website, along with a transcript, once available

  

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arielplsJeudi 14 Février 2013, 05:40 PM
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#192049, "RE: GGN news JV"
En reponse à Reponse # 7


          

Est-ce que la nouvelle fera monter le titre?




Pièce jointe #1, (gif file)

  

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arielplsVendredi 01 Mars 2013, 09:59 AM
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#192763, "RE: GGN news JV"
En reponse à Reponse # 8


          

CARSON CITY, NEVADA, Mar 01, 2013 (MARKETWIRE via COMTEX News Network) -- Gryphon Gold Corporation (the "Company" or "Gryphon Gold") (TSX:
GGN)(OTCQB: GYPH), a company focused on its joint venture interest in
the gold Borealis Oxide Heap Leach Project in Nevada (the "Borealis
Property"), provided an operational update as of February 28, 2013.

Permit to increase solution flow still progressing

The Company has submitted several permit applications that would
allow the solution flow at the Borealis Property to increase almost
50%, up to 2,600 gallons per minute. The current solution flow permit
allows throughput of approximately 1,750 gallons per minute, which is
nearly double the approximately 950 gallons per minute that has been
realized to date. While the Water Pollution Control Permit was issued
by the State of Nevada in the fourth quarter of 2012, the main
overriding permit, the Modified Plan of Operations, continues to be
under review by the U.S. Forest Service and the Nevada Department of
Environmental Protection. Borealis Mining Company LLC ("Borealis"),
the entity that was created as a result of the joint venture with
Waterton Global Value L.P. ("Waterton"), continues to work with both
agencies to complete the permitting.

Additional initiatives to advance production

-- Borealis is finalizing the assembly and electrical work on the additional crushers, which are expected to be fully operational next week. Once online, the system is expected to be able to process 12,000 tons of ore per day. -- The pumping system required for the additional set of carbon columns is on site. The carbon columns are anticipated to be delivered to the property by the end of March and, along with the expanded pumping system, will be installed and should be operational upon receipt of the solution flow permits. -- Heavy earth moving equipment, including a loader and a haul truck, has been ordered and is scheduled to be on site by the end of March. With this additional equipment, Borealis will be able to mine and add fresh ore to the heap leach pad with the expectation of increasing recovery rates and decreasing the cash cost per ounce.

James T. O'Neil Jr., CEO and Interim CFO of Gryphon Gold, commented,
"The restart in production and the addition of our joint venture
partner has allowed investments to continue in an effort to expand
production capacity at the Borealis Property. The additional crushing
capacity and heavy earth moving equipment will allow us to not only
stack ore on the pad more quickly, but also add fresh ore to be
processed."

Senior Credit Facility and Capital Contributions

Under the terms of the joint venture with Waterton, $17 million, or
about two-thirds, outstanding under the Company's senior credit
facility was converted for a 60% ownership interest in Borealis.
Gryphon Gold owns a 40% interest in Borealis and the amount due under
the senior credit facility has been reduced to $8 million, which is
to be repaid in twenty-three monthly installments, with the first
payment paid on January 31, 2013. The amounts due under the senior
credit facility consist of principal of $6,650,000 and an additional
aggregate amount of $1,662,500, together with interest calculated at
an annual rate of 5%. In the event payments are not made on the
facility during the six months ending July 31, 2013, Gryphon Gold
will face dilution of its ownership percentage in the joint venture
by up to 5.2%, bringing its ownership interest down to 34.8%.

Additionally, as part of its operating agreement with Waterton,
Gryphon Gold is responsible for the payment of $4.0 million to the
joint venture to compensate Borealis for obligations incurred prior
to the formation of the joint venture. In total, Waterton is expected
to advance $5.6 million to Gryphon to cover the Company's initial
capital contributions, of which $4.0 million has already been
advanced to the joint venture. This is scheduled to be repaid on or
before July 31, 2013. Interest on the capital contributions not
repaid by Gryphon Gold by this date will accrue at an annual rate of
10% for the first month, 20% for the next two months, 30% for the
following month and 40% for the last two months. If the cash calls
are not met by August 1, 2013, the Company will be diluted by up to
25%, bringing down its ownership interest to 9.8% if it does not make
any monthly installment payments under the senior credit facility or
any of the cash calls up to that point.

  

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arielplsJeudi 07 Mars 2013, 08:28 PM
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#193035, "RE: GGN news JV"
En reponse à Reponse # 9


          

À surveiller. Mes graphes me disent qu'il pourrait se passer quelque chose...

  

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n2oVendredi 08 Mars 2013, 03:46 PM
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#193079, "RE: GGN news JV"
En reponse à Reponse # 10


          

Mais le futur ne semble pas rose...
Ils vont se faire manger par Waterton...

  

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arielplsSamedi 09 Mars 2013, 07:42 AM
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#193090, "RE: GGN news JV"
En reponse à Reponse # 11


          

Oui, tu as raison, mais je le joue à court terme. Il semble vouloir repartir vers le haut et je vais en profiter pour m'en débarrasser à profit, si possible évidemment. J'ai un petit IN à 0,065 et s'il part vers le haut, je vais en acheter un peu...

  

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arielplsVendredi 05 Avril 2013, 10:52 AM
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#194396, "RE: GGN news JV"
En reponse à Reponse # 12


          

Pour ceux qui sont IN, comment interprétez-vous ça? Je reste sceptique.

Carson City, Nevada--(Newsfile Corp. - April 5, 2013) - Gryphon Gold Corporation (TSX: GGN) (OTCQB: GYPH) (the "Company" or "Gryphon Gold"), a company focused on its joint venture interest in the gold Borealis Oxide Heap Leach Project in Nevada (the "Borealis Property"), is providing an update on its Senior Secured Gold Stream Facility (the "Credit Facility") with Waterton Global Value L.P. ("Waterton"). Under the terms of the Credit Facility, monthly principal, interest and premium payments are required to be made on the last day of each month until November 2014. The Company has the option of satisfying the monthly principal and premium payments in cash, by delivery of physical gold or by the assignment to Waterton of an interest in Borealis Mining Company LLC ("Borealis") in such amounts or number determined in accordance with the requirements of the credit agreement, as amended, relating to the Credit Facility (the "Credit Agreement"). For the payment due on March 31, 2013, the Company assigned to Waterton 80,000 membership units in Borealis and for the payment due February 28, 2013, the Company assigned to Waterton 40,000 membership units of Borealis. As a result, the Company now owns a 38.8% interest in Borealis (3,880,000 membership units) and Waterton owns a 61.2% interest.

Under the terms of the Credit Agreement, the payments due in each of April and May 2013 may be satisfied by the assignment of 80,000 membership units in each month (2% of the Company's initial 40% interest in Borealis, representing 0.8% of Borealis, in each month); the payments due in June, July, August and September 2013 may be satisfied by the assignment of 120,000 membership units in each month (3% of the Company's initial 40% interest in Borealis, representing 1.2% of Borealis, in each month); the payments due in October, November, December 2013 and January 2014 may be satisfied by an assignment of 160,000 membership units in each month (4% of the Company's initial 40% interest in Borealis, representing 1.6% of Borealis, in each month); the payments due in February, March, April, May, June and July 2014 may be satisfied by the assignment of 200,000 membership units in each month (5% of the Company's initial 40% interest in Borealis, representing 2% of Borealis, in each month); and the payments due in August, September, October and November 2014 may be satisfied by the assignment of 240,000 membership units in each month (6% of the Company's initial 40% interest in Borealis, representing 2.4% of Borealis, in each month). The monthly payments may also be satisfied in cash or gold in an amount determined in accordance with the Credit Agreement.

The Company does not expect to be in a position to satisfy the monthly payments in cash or gold unless it raises capital or until such time as the Borealis Mine has increased its gold production levels and has made distribution to its two members. The Company anticipates it is unlikely it will receive any distributions from the Joint Venture prior to the third calendar quarter of 2013.

The payments under the Credit Agreement are in addition to the payments due by the Company to Waterton under the Borealis Limited Liability Company Agreement (the "LLC Agreement") for advances to Borealis by Waterton on the Company's behalf. Such amounts equal $4.8 million from January 31, 2013 to date (the "$4.8 million advance"). The interest on amounts advanced by Waterton to Borealis on behalf of the Company is calculated at 10% per annum for the first month following the advance, 20% per annum for the second and third months following the advance, 30% per annum for the fourth month following the advance and 40% per annum for the fifth and sixth months following the advance. The principal and accrued interest on the $4.8 million advance is due by July 31, 2013. As of March 31, 2013, the accrued interest on the $4.8 million advance is $120,000. If the Company is unable to satisfy any of the $4.8 million advance plus accrued interest or subsequent advances and interest, its interest in Borealis Mining Company LLC would be reduced by 25%.

In addition to the Credit Facility and the $4.8 million advance the Company also owes accrued interest on the Credit Facility of $137,354 to Waterton, and an intercompany loan of $296,044 due to Borealis Mining Company, LLC.

Reference is made to the Company's reports on Form 8-K dated February 5, 2013 available on sec.gov and sedar.com for a description of the Credit Agreement and the LLC Agreement.

  

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moneytalkMardi 25 Juin 2013, 11:00 PM
Membre depuis Jeudi 14 Février 2013, 09:48 AM
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#196437, "RE: GGN news JV"
En reponse à Reponse # 13


          

>Pour ceux qui sont IN, comment interprétez-vous ça? Je reste
>sceptique.
>
>Carson City, Nevada--(Newsfile Corp. - April 5, 2013) -
>Gryphon Gold Corporation (TSX: GGN) (OTCQB: GYPH) (the
>"Company" or "Gryphon Gold"), a company focused on its joint
>venture interest in the gold Borealis Oxide Heap Leach Project
>in Nevada (the "Borealis Property"), is providing an update on
>its Senior Secured Gold Stream Facility (the "Credit
>Facility") with Waterton Global Value L.P. ("Waterton"). Under
>the terms of the Credit Facility, monthly principal, interest
>and premium payments are required to be made on the last day
>of each month until November 2014. The Company has the option
>of satisfying the monthly principal and premium payments in
>cash, by delivery of physical gold or by the assignment to
>Waterton of an interest in Borealis Mining Company LLC
> "Borealis") in such amounts or number determined in
>accordance with the requirements of the credit agreement, as
>amended, relating to the Credit Facility (the "Credit
>Agreement"). For the payment due on March 31, 2013, the
>Company assigned to Waterton 80,000 membership units in
>Borealis and for the payment due February 28, 2013, the
>Company assigned to Waterton 40,000 membership units of
>Borealis. As a result, the Company now owns a 38.8% interest
>in Borealis (3,880,000 membership units) and Waterton owns a
>61.2% interest.
>
>Under the terms of the Credit Agreement, the payments due in
>each of April and May 2013 may be satisfied by the assignment
>of 80,000 membership units in each month (2% of the Company's
>initial 40% interest in Borealis, representing 0.8% of
>Borealis, in each month); the payments due in June, July,
>August and September 2013 may be satisfied by the assignment
>of 120,000 membership units in each month (3% of the Company's
>initial 40% interest in Borealis, representing 1.2% of
>Borealis, in each month); the payments due in October,
>November, December 2013 and January 2014 may be satisfied by
>an assignment of 160,000 membership units in each month (4% of
>the Company's initial 40% interest in Borealis, representing
>1.6% of Borealis, in each month); the payments due in
>February, March, April, May, June and July 2014 may be
>satisfied by the assignment of 200,000 membership units in
>each month (5% of the Company's initial 40% interest in
>Borealis, representing 2% of Borealis, in each month); and the
>payments due in August, September, October and November 2014
>may be satisfied by the assignment of 240,000 membership units
>in each month (6% of the Company's initial 40% interest in
>Borealis, representing 2.4% of Borealis, in each month). The
>monthly payments may also be satisfied in cash or gold in an
>amount determined in accordance with the Credit Agreement.
>
>The Company does not expect to be in a position to satisfy the
>monthly payments in cash or gold unless it raises capital or
>until such time as the Borealis Mine has increased its gold
>production levels and has made distribution to its two
>members. The Company anticipates it is unlikely it will
>receive any distributions from the Joint Venture prior to the
>third calendar quarter of 2013.
>
>The payments under the Credit Agreement are in addition to the
>payments due by the Company to Waterton under the Borealis
>Limited Liability Company Agreement (the "LLC Agreement") for
>advances to Borealis by Waterton on the Company's behalf. Such
>amounts equal $4.8 million from January 31, 2013 to date (the
>"$4.8 million advance"). The interest on amounts advanced by
>Waterton to Borealis on behalf of the Company is calculated at
>10% per annum for the first month following the advance, 20%
>per annum for the second and third months following the
>advance, 30% per annum for the fourth month following the
>advance and 40% per annum for the fifth and sixth months
>following the advance. The principal and accrued interest on
>the $4.8 million advance is due by July 31, 2013. As of March
>31, 2013, the accrued interest on the $4.8 million advance is
>$120,000. If the Company is unable to satisfy any of the $4.8
>million advance plus accrued interest or subsequent advances
>and interest, its interest in Borealis Mining Company LLC
>would be reduced by 25%.
>
>In addition to the Credit Facility and the $4.8 million
>advance the Company also owes accrued interest on the Credit
>Facility of $137,354 to Waterton, and an intercompany loan of
>$296,044 due to Borealis Mining Company, LLC.
>
>Reference is made to the Company's reports on Form 8-K dated
>February 5, 2013 available on sec.gov and sedar.com for a
>description of the Credit Agreement and the LLC Agreement.
>





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