A debt restructuring undertaken by Republic Goldfields (VSE) and a pair of Canadian banks has occurred. As a result, the company has eliminated its short-term debt and more than 70% of its overall debt.
Republic’s only remaining debt is a 2-year term loan, worth $900,000, with the Royal Bank of Canada. No principal payments are required before June 1, 1994.
The company has also completed a private placement of 440,000 units at $1 per unit. Each unit consists of one share and one half-warrant to buy an additional share for two years at $1.25 per share by March 31, 1994, and at $1.50 thereafter.
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