Vancouver, B.C. January 05, 2016, TNR Gold Corp. (the “Company” or “TNR) (TSX VENTURE:TNR.V) announces that it has significantly restructured its indebtedness to a private backer who advanced a $3.5 million loan to the Company in May 2012. Instead of repayment by December 31, 2015, the Company and the lender have agreed to extend the due date of the loan to December 31, 2018. The outstanding indebtedness of approximately $4.3 million will bear interest at the rate of 10% per annum, with interest payable at maturity. In consideration of the restructuring, which will allow the Company to pursue its business and seek strategic transactions for its mineral property assets, the lender will also receive a 10% direct or indirect interest in the following assets of the Company: (a) the Company’s net smelter royalty (0.4%) in the Los Azules copper project in Argentina held through an NSR Royalty Agreement dated October 29, 2014 between Compañía Minera Solitario Argentina S.A. and Andes Corporacion Minera S.A.; (b) the Company’s net smelter royalty (2.0%) in the Mariana Lithium project in Argentina held through an option agreement dated May 19, 2011 among TNR, Compañía Minera Solitario Argentina S.A., International Lithium Corp. and Litio Minera Argentina S.A.; and (c) the mineral claims comprising the Shotgun property in Alaska.
ABOUT TNR GOLD Corp. (www.tnrgoldcorp.com)
Over the past twenty-one years TNR, through its lead generator business model, has been successful in generating high quality exploration projects around the globe. With the Company’s expertise, resources and industry network, it is well positioned to aggressively identify, source, explore, partner and continue to expand its project portfolio.
TNR is also a major shareholder of International Lithium Corp. (TSX:ILC.V) (“ILC”), a company created by TNR to advance its internationally acquired lithium prospects. TNR currently holds about 23.3% of the outstanding shares of ILC.
At its core, TNR provides significant exposure to gold and copper through its holdings in Alaska and Argentina and is committed to continued generation of in-demand projects, while diversifying its markets and building shareholder value.
For further details please see our website at http://www.tnrgoldcorp.com/s/NewsReleases.asp
On behalf of the board,
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 news release.