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Mineral Commodities Ltd
ABN 39 008 478 653
40 Murray Road North Welshpool WA 6106, Australia
PO Box 235, Welshpool DC WA 6986, Australia Telephone: 61 8 6253 1100
Facsimile: 61 8 9258 3601 Email: [email protected] Web: www.mncom.com.au
5 October 2015
MRC PAYS DOWN SHAREHOLDER LOANS
Mineral Commodities Ltd ('MRC' of 'the Company') is pleased to advise that it has repaid 50% of the debt totalling USD1,239,791 to two of its largest shareholders, Au Mining Ltd and Regional Management Pty Ltd, a company associated with Mr Mark Caruso the Executive Chairman and CEO of the Company.
The reduction of debt is part of the Company's overall capital management strategy. Whilst the Company had the capacity to repay the debt in total, its preferred position was to retain 50% to provide flexibility whilst it pursues the expansion initiatives of the Garnet Stripping Plant and Tailings Scavenger Spiral Circuit. Traditional debt providers are still being pursued with increased confidence being provided by the Company's production record to date.
The Company is appreciative of the ongoing support of the shareholders who have agreed to extend repayment of the remaining 50% to 30 September 2016.
All other terms of the loans remain as those disclosed in the release of 30 May 2014.
For enquiries regarding this report please contact: Peter Torre - Company Secretary +61 8 6253 1100