Seems like the jr. gold guys were able to raise the money after all...
__
TNR Gold plans to exercise Los Azules back-in
2010-04-23 17:46 ET - News Release
Mr. Gary Schellenberg reports
TNR GOLD SUBSIDIARY SERVES NOTICE OF BACK IN INTO LOS AZULES TO MINERA ANDES AND SECURES STANDBY CREDIT FACILITY
CompaniaMinera Solitario Argentina S.A., a wholly owned subsidiary of TNR GoldCorp., has served notice to Minera Andes Inc. exercising its back-inright for 25 per cent of certain of the properties constituting the LosAzules project in Argentina. TNR also entered into a standby creditfacility in the total principal amount of $5-million for a term of oneyear. The proceeds from the facility have been placed in a trustaccount to be released on closing of the exercise of the back-in right.
TNR has issued 2,272,727 common shares to the lender aspartial consideration for the facility and has agreed to issue another$500,000 of common shares with a deemed price equal to the 10-dayvolume weighted average trading price as of the day prior to thecourt's decision in certain circumstances where TNR is successful inits litigation with respect to the back-in right. In addition, TNR haspaid a corporate finance fee of $305,000.
The right of TNR and Solitario to exercise the back-in right for theLos Azules project is subject to a legal action commenced by MineraAndes, Minera Andes S.A., Los Azules Mining Inc. and Andes CorporacionMinera S.A. against TNR and Solitaro in which the MAI group isdisputing Solitario's ability to waive the production of a feasibilitystudy and issue a back-in notice at this time. The action seeksdeclaratory relief that any back-in notice is invalid, void or of noforce and effect, and advances a claim for costs. TNR is also in alegal dispute with MIM Argentina Exploraciones S.A., a subsidiary ofXstrata PLC, over the language of the back-in clause of the explorationand option agreement entered into between Solitario and MIM. In theaction, TNR is also seeking confirmation of its ownership in theEscorpio IV property, which is located adjacent to the Los Azulesproject and a declaration that the Escorpio IV property is excludedfrom the exploration and option agreement. A court date has been setfor the fall of 2010.
