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ENOVA MINING LIMITED — Capital/Financing Update 2018
May 21, 2018
64858_rns_2018-05-21_429f6525-04a4-4c0b-a2e2-ecf5a8321a9b.pdf
Capital/Financing Update
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22[nd] May 2018
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Crossland Strategic Metals Limited (ABN 64 087 595 980) Registered Office: Level 2, 470 Little Collins St., Melbourne, VIC 3000 Mail: Suite 6, 61 Robinson St., Dandenong VIC 3175 Phone: +61 3 9867 7199
ASX Announcement
The Company Announcement Office ASX Limited Via E Lodgement
Addendum to Quarter 1, 2018 Appendix 5B Statement
In addition to the information provided by Crossland Strategic Mines Limited (the Company) in its Quarter 1, 2018 Appendix 5B Statement, released to the ASX on 26 April 2018, the Company wishes to provide further information regarding loan facilities currently held by the Company and EMMCO Mining Sdn. Bhd. (EMMCO). EMMCO is a Malaysian incorporated company.
In November 2017, the Company signed loan agreements with EMMCO, as reported in the December 2017 Quarterly Activities Statement and reported in the 4[th] Quarter 2017 Appendix 5B statement, both released to the ASX on 31 January 2018. Details of the loan agreements are tabled below:
| Date of Advance | Advance Amounts AUD |
Flat Interest Rate per annum Orpro-rata thereof |
Interest accrued to Due Date |
Original Due Date of loan repayment |
|---|---|---|---|---|
| 2ndNovember 2017 | 100,000 | 15% | 9,9,04.11 | 30thJune 2018 |
| 28thNovember 2017 | 50,000 | 15% | 4,417.81 | 30thJune 2018 |
| 28thJanuary2018 | 50,000 | 15% | 3,164.38 | 30thJune 2018 |
| Total Due | 200,000 | 17,486.30 | 30thJune 2018 |
In April 2018, by mutual agreement between the Company and EMMCO, the due date of the existing loans was extended from 30[th] June 2018 to 4[th] October 2018 with a corresponding adjustment to the interest payable for the extended period of the loan, at the same flat interest rate. An additional loan was agreed, under the same terms, for an amount of $250,000. These loans were consolidated into a revised Mater Agreement between both parties. Details of the amended loan agreements and additional loan with EMMCO are tabled as follows:
| Date of Advance | Advance Amounts AUD |
Flat Interest Rate per annum Orpro-rata thereof |
Interest accrued to Due Date |
Revised Due Date of loan repayment |
|---|---|---|---|---|
| 2ndNovember 2017 | 100,000 | 15% | 13,849.32 | 4thOctober 2018 |
| 28thNovember 2017 | 50,000 | 15% | 6,390.41 | 4thOctober 2018 |
| 9thFebruary2018* | 50,000 | 15% | 4,869.86 | 4thOctober 2018 |
| 4thApril 2018 | 250,000 | 15% | 18,801.37 | 4thOctober 2018 |
| Total Due | 450,000 | 43,910.96 | 4thOctober 2018 |
*The last tranche of prior facility for $50,000 was received on 9th February.
Non-executive Director of the Company, Mr Harun Halim Rasip, is a related party being Director and Shareholder of EMMCO.
The receipt of $250,000 covers the Company’s outgoings for the June 2018 quarter, including general working capital and development work on the Company’s exploration leases.
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Eric Vesel CEO / Director Crossland Strategic Metals Ltd.