leadf
logo-loader
viewLiberty Mines

Forbes & Manhattan takes Liberty Mines restructuring under its belt; to see $500,000 bridge financing and new leaders aboard

boardroom_350_51bf6ca1c2ad5.jpg

Beleaguered Liberty Mines (TSE:LBE) says it has agreed to a term sheet for a $500,000 bridge financing with Forbes & Manhattan, and appointed a new CEO and CFO in connection with the transaction in an effort to turnaround operations. 

F&M, a private merchant bank focused on the resource industry, is made up of more than 30 companies that operate in over 20 countries, with six mines currently in operation and another six in the development stage. According to Liberty's statement on Monday, the bank has had success in turning around struggling companies to create "leading mid-cap mining companies". 

In the first step of the turnaround, Liberty, which owns the only nickel concentrator in the Shaw Dome area near Timmins, Ontario, has appointed Pat Gleeson as the company's new president and chief executive officer. He is currently the senior legal advisor to F&M, and has been involved in the financing and development of a number of the world's leading mining companies, according to the release. 

Meanwhile, Deborah Battiston, a CFO for a number of public mining companies, has been appointed chief financial officer for Liberty. 

Both Gleeson and Battiston have been tasked with addressing Liberty's current financial challenges, and with restructuring the company. In the last five years, the company's stock has lost almost 100 per cent of its value, currently trading at 2 cents. 

"Liberty Mines is in a similar position to that of Avion Gold, Belo Sun Mining and Sulliden Gold when F&M became involved with those companies," said Gleeson. "We look forward to working with Jilin Jien and the Liberty board and stakeholders to make Liberty Mines the next turnaround success."

Under the terms of the bridge loan, amounts drawn will accrue interest at a rate of 10 per cent per year, payable quarterly in advance. 

Aside from the company's nickel concentrator, Liberty also owns two former-producing nickel mines and a land package near Timmins. 

Quick facts: Liberty Mines

Price: - -

TSX-V:LBE
Market: TSX-V
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Thunderbird Entertainment releases fall slate of shows on streaming services...

Thunderbird Entertainment Group (CVE: TBRD-OTC: THBRF) CEO Jennifer Twiner McCarron joined Steve Darling from Proactive Vancouver with news the company has released their fall slate of shows. The company will have 7 new and returning show including animated, scripted, and factual. Twiner...

10 hours, 46 minutes ago

2 min read