Arian Silver Corporation has secured $32m of funding which should enable it to reach full scale production at San Jose.
Quintana AGQ Holding Co LLC and Quintana San Jose Streaming Co LLC will jointly provide the finance. Quintana AGQ is acquiring the $15.585m convertible note held by Platinum Long Term Growth VIII and extended the term. The new note would last for 36 months. The conversion price will be C$0.7567 a share. The annual interest rate is 8%. One warrant will be issued for every two shares converted. The warrants are exercisable at C$1/share.
Arian has entered into a base metal purchase agreement Quintana Streaming worth $15.6m. This deal covers a proportion of the lead and zinc produced at the San Jose project. An initial $3.36m will be paid when the agreement becomes effective. The rest will be payable in five instalments partly based on milestones achieved by the project between March 2015 and March 2016. The initial term of the agreement is 50 years.
At 25.75p a share, up 5.75p, Arian is valued at £12.1m.
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