- Athabasca Minerals (AMI) has entered into an insider-led, non-dilutive shareholder loan agreement
- The loan agreement is for funds of approximately $2 million
- The loan has a period of one year from the closing date with 12 per cent interest
- Athabasca Minerals is an integrated group of companies that supplies sand products, aggregates, technical services and competitive market solutions using technology
- Athabasca Minerals Inc. was trading at $0.32, with a 5.882 per cent loss, at 3:45 PM ET
Athabasca Minerals Inc. (AMI) has entered into a shareholder loan agreement for approximately $2 million.
The loan is backed by directors, officers, members of senior management and two existing, arms-length AMI investors.
The loan will support near-term working capital opportunities in 2022. The loan has a period of one year from the closing date, with 12 per cent interest, flexibility for accelerated repayment without penalties, and no closing or ancillary fees.
“AMI is seeing an increasing number of opportunities across the company, including increased demand for sand and gravel from its corporate pits in its base division, AMI Aggregates,” said Robert Beekhuizen, CEO of Athabasca Minerals.
“The shareholder loan is a rapid response to pursue these opportunities with contracting strategies and working capital to commence production and sales., and management is pleased with the confidence and financial support from our Board of Directors, officers, select staff and the participating arms-length AMI investors which allows us to maintain momentum with these upcoming pursuits,” he added.
Athabasca Minerals is an integrated group of companies that supplies sand products, aggregates, technical services and competitive market solutions using technology.
The corporation is made up of the following business units: AMI Silica, AMI Aggregates, Métis North Sand & Gravel, AMI RockChain, and TerraShift Engineering.
Athabasca Minerals Inc. was trading at $0.32, with a 5.882 per cent loss, at 3:45 PM ET.
