|By Marketwired .||
|March 5, 2014 07:20 PM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/05/14 -- Waymar Resources Ltd. (TSX VENTURE: WYM) (the "Company" or "Waymar") announces that it has amended its US$500,000 principal amount loan agreement (the "Original Loan") with Continental Gold Limited ("Continental"), pursuant to an amended and restated promissory note (the "Amended and Restated Promissory Note"). The Original Loan was due to expire on March 1, 2014, and the Amended and Restated Promissory Note provides for an extension of the maturity date until September 1, 2014. In exchange for the amendment, the Company shall issue 1,200,000 share purchase warrants to Continental (the "Warrants"), each entitling Continental to acquire one common share of the Company at an exercise price of $0.125 for a period of two years, subject to the accelerated expiry provision below.
The Warrants are exercisable until 5:00 p.m. (Vancouver time) on March 5, 2016, provided that if, at any time following the date which is four months and one day after the Warrant issue date, the closing price of the Company's common shares on the TSX Venture Exchange ("TSXV") is equal to or higher than $0.225 per common share for any 10 consecutive trading days during the unexpired term of the Warrants, the exercise period for the Warrants will be reduced to 30 days following that 10-day period.
The loan amendment and issuance of Warrants have been approved by the board of directors of the Company. The issuance of Warrants remain subject to final TSXV approval.
About Waymar Resources Ltd.
Waymar Resources Ltd. is a Canadian mineral exploration company that has acquired a 100% interest in the Anza project located in the west of the Antioquia Department in the Republic of Colombia. Waymar also has 100% ownership of certain properties surrounding Anza that cover the district's mineral potential and is continually seeking opportunities to acquire exploration and mining projects. Colombia is a significant producer of gold, nickel, emeralds, petroleum and natural gas as well as a leading producer of coal in Latin America.
WAYMAR RESOURCES LTD.
Pablo Marcet, President & CEO
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 RELEASE.
This press release may contain "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "estimates", "intends", "anticipates" or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the reasonable assumptions, estimates, intentions, analysis and opinions of Waymar made at the date that such statements are made. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Waymar to be materially different from those expressed or implied by such forward-looking information, and as otherwise disclosed elsewhere in Waymar's public disclosure. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purposes of assisting investors in understanding Waymar's plans and objectives and may not be appropriate for other purposes. Waymar does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
Shares Outstanding: 49,245,170
Waymar Resources Ltd.
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