Agoracom: Small Cap Investment - NWM Mining Corp - NWM Amends Overall Debt Facility

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NWM Mining Corporation is a Canadian mineral exploration company focused on the development of the Lluvia de Oro / La Jojoba gold mine located in Sonora in North West Mexico

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NWM Amends Overall Debt Facility

posted on Oct 28, 2011 03:21PM

NWM Amends Overall Debt Facility

Last Update: 10/27/2011 5:03:00 PM

TORONTO, Oct. 27, 2011, 2011 (Canada NewsWire via COMTEX) -- TSX Venture Exchange Symbol: NWM

NWM Mining Corporation (the "Company") (NWM) has amended several components of its overall debt facility held with Renvest Mercantile Bancorp Inc. through its Global Resource Fund. The overall debt facility now includes the Revolving Credit Facility of USD $5,000,000 as previously announced on October 12, 2011. The lender has also agreed to extend the maturity date of the USD $1,500,000 promissory note from December 13, 2011 to August 31, 2012 and to extend the maturity date of the USD $13,000,000 due on the promissory notes from September 24, 2012 to December 14, 2012.

In consideration for the foregoing extensions and the addition of the Revolving Credit Facility, the Company has made a cash payment of USD $50,000, issued 9,500,000 common shares, amended the conversion price of the lender's USD $2,000,000 convertible from CDN $0.20 to CDN $0.12 and granted an additional 0.5% NSR on the Company's mining properties. Uses of proceeds for the Revolving Credit Facility will include the funding of working capital and expansion costs for mining of the Lluvia de Oro and Jojoba properties and capital expenditures related to the production of gold and other mine development costs.

"This overall financing increase allows us to continue with the planned ramp up of the Lluvia-Jojoba project without near term delays or encumbrances resulting from working capital limitations," said Chris Berlet, CEO.

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/October2011/27/c8293.html

SOURCE: NWM Mining Corporation

For more information please see NWM's website at
www.nwmcorp.ca
     
Contact:Chris
Berlet, President & CEO or Chris Chadder, CFO
  
Phone: 416-364-6799 Fax: 416-364-2595
[email protected]

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