Focus VenturesLtd. extended by three years the US$3.5 million loan facilitygranted to the company by lenders led by Sprott Resource Lending Partnership,according to a July 14 news release.
The facility will now mature Sept. 30, 2019.
In March 2015, Focus Ventures initially obtained from thelenders a US$5.0 million loan, of which US$1.5 million has been repaid to date.
The company has agreed to pay an amendment fee to thelenders through the issuance of 2,740,340 Focus Ventures common shares at adeemed price of 10 Canadian cents per share, subject to TSX Venture Exchangeapproval.
The extension agreement calls for anniversary payments tothe lenders equal to 6% of the amount of the loan principal outstanding at thetime, payable in cash or common shares at the company's option.