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Message: Tiomin Extends Freegold Ventures' Bridge Loan
| January 14, 2009 |
| Tiomin Extends Freegold Ventures' Bridge Loan |
| TORONTO, ONTARIO--(Marketwire - Jan. 14, 2009) - Tiomin Resources Inc. ('Tiomin' or the 'Company') (TSX:TIO) announced today that it renegotiated the terms of the US$2 million bridge loan the Company advanced to Freegold Ventures Limited ('Freegold') on August 22, 2008. Freegold, as a result of a delay in obtaining additional financing, requested the loan repayment date of January 15, 2009 be extended to February 10, 2009. Freegold announced today that it has received terms from a private European lender for a secured line of credit of up to US $10 million with the closing of the facility expected to be within the next three weeks. Funds drawn under this facility will be used to repay in full each of Freegold's US $2 million bridge loans owed to Tiomin and another lender. Closing of this facility is expected to occur within the next three weeks, and in consideration of this timing, the Tiomin agreed to extend the maturity of its loan to February 10, 2009. As consideration of this extension, the exercise price of the 350,000 warrants received at the time the bridge loans were advanced will be reduced from $0.55 to $0.30, and Tiomin will receive an additional 250,000 common shares of Freegold. The other terms and conditions of the bridge loan will remain unchanged. About Freegold Ventures Limited (TSX: ITF, OTCBB: FGOVF, Frankfurt: FR4) Freegold is a North American exploration and development company with a management team experienced in mine development and production that has a proven track-record in transitioning exploration companies into gold producers. Freegold is currently exploring advanced-stage gold projects in Idaho and Alaska. More details regarding these projects can be obtained by reviewing its website, www.freegoldventures.com, and reviewing its recent press releases. |
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