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otterburn resources corp (OBN) Snapshot

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otterburn resources corp (OBN) Details

Otterburn Resources Corp. engages in the exploration, development, and exploitation of mineral resource properties in Canada. The company primarily explores for gold ores. It holds an option to acquire a 100% interest in various claims covering approximately 5,099 hectares in the Adams Plateau property located in the northeast of Kamloops, British Columbia. The company was incorporated in 2010 and is headquartered in Vancouver, Canada.

Founded in 2010

otterburn resources corp (OBN) Top Compensated Officers

Chief Executive Officer, President, Corporate...
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Chief Financial Officer
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Compensation as of Fiscal Year 2013.

otterburn resources corp (OBN) Key Developments

Otterburn Resources Corp. Signs Termsheet for $15,000,000 Senior Secured Gold Loan Facility with Auramet International LLC

Otterburn Resources Corp. announced that the company and K92 Holdings International Limited signed a termsheet for a $15,000,000 Senior Secured Gold Loan Facility with Auramet International LLC. The facility relates to the company's intended purchase of K92 which holds rights to acquire the Kainantu gold and copper project in Papua New Guinea. Under the termsheet, the $15,000,000 to be provided to K92 will be used to re-start the Kainantu Mine Project in the Eastern Highland Province of Papua New Guinea and will be repayable to Auramet by monthly delivery of gold from September 2015 through the maturity date in December 2016. There is no penalty for early repayment. The number of gold ounces to be delivered to Auramet to repay the Facility will be set upon signing the final Facility agreement (expected by December 19, 2014), and will be based on the then current spot price of gold, less an agreed discount. In addition, it is expected that Auramet will receive 1,000,000 share purchase warrants with a $0.65 strike price and a 3 year term, as well as structuring and drawdown fees totaling 3% of the Facility amount. Concurrent with the financing, K92 will also enter into a Gold Purchase and Sale Agreement with Auramet through which gold will be sold to Auramet at market rates (with zero discount to market rates) for a period of time up to the maturity date of December 31, 2016.

Otterburn Resources Ltd. Nominates Mr. Mark Eaton to its Board

Otterburn Resources Ltd. announced that K92 Holdings International Ltd. has proposed Mr. Mark Eaton as a Director of the company post completion of the share purchase agreement through which the company acquires all of the outstanding shares of K92. Mr. Eaton is an experienced investment professional with over 20 years of experience in equity capital markets specializing in the resource sector. He has held the position of Managing Director of Global Mining Sales and Manager of US Equity Sales for CIBC World Markets.

Otterburn Resources Corp. Auditor Raises 'Going Concern' Doubt

Otterburn Resources Corp. filed its Annual on Oct 09, 2014 for the period ending Aug 31, 2014. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.


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