Huldra Silver Announces Receipt of Additional Advance Under Credit Facility and
Appointment of Interim CEO
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/09/13 -- Huldra
Silver Inc. ("Huldra" or the "Company") (TSX VENTURE:HDA) is pleased
to announce that it has received an additional advance of $500,000
under its debt facility with Waterton Global Value, L.P.
The advance forms a further advance under and is subject to the terms
of the Credit Agreement, as amended, entered into with Waterton on
June 16, 2011, bears interest at 5% per annum, calculated and payable
on maturity, and is due on the earlier of the date of demand by
Waterton, the date that Waterton provides a new loan to the Company
or October 31, 2013. The amount to be repaid will also be subject to
a silver adjustment provision similar to the provision contained in
the Credit Agreement, unless Waterton provides a new loan to the
Company, in which case the amount to be repaid will only be principal
plus interest. In consideration for the advance, the Company agreed
to pay a structuring fee of $10,000. The agreement is subject to
approval of the TSX Venture Exchange. Waterton's additional advance
and continued cooperation will make a positive difference in the
Company's immediate plans.
The Company has appointed Peter Espig, a director of the Company, as
interim CEO to replace Ryan Sharp. Mr. Sharp will continue to remain
involved with the Company, focusing on operations. Mr. Espig is
experienced in the analysis of investment opportunities, capital
raising, deal sourcing, financial structuring and corporate
turnaround. Over the past ten years, Mr. Espig has structured and
raised funds for both private and public companies. Mr. Espig was an
executive in the Principal Finance and Securitization Group and Asia
Special Situations Group for Goldman Sachs Japan where he was active
as in deal sourcing, analyzing investment opportunities and corporate
restructuring. Prior to his position at Goldman Sachs, he was an
executive of the New York private equity firm Olympus Capital
Holdings Asia and a leveraged finance and mergers and acquisitions
banker at Shinsei Bank. Mr. Espig sits on the boards of several
public and private companies and charitable organizations.
On behalf of the Board of Directors
Garth Braun, CFO & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Huldra Silver Inc.
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