TORONTO, ONTARIO--(Marketwired - Jun 17, 2013) - Liberty Mines Inc. (LBE.TO) has entered into a term sheet for bridge debt financing with Forbes & Manhattan, Inc. in the principal amount of $500,000. In connection with this financing, Liberty has appointed Pat Gleeson as a director and as Liberty's president and chief executive officer and Deborah Battiston as Liberty's chief financial officer. <\/p>\n
Pat Gleeson is the senior legal advisor to F&M. He has been involved in the initial organization, financing and development of a number of the world's leading mining companies. Deborah Battiston is a Certified Management Accountant who serves as the chief financial officer of a number of public mining companies. In their new roles with Liberty, Mr. Gleeson and Ms. Battiston will focus on addressing Liberty's current financial circumstances and re-structuring the company. <\/p>\n
F&M is a private merchant bank focussed on the resource industry. The F&M Group of Companies is comprised of more than 30 companies, which operate in over 20 countries, have six mines presently in operation and six other properties at development stage. <\/p>\n
F&M has had significant success turning around struggling companies to create leading mid-capitalization mining companies. Pat Gleeson stated that \"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. We look forward to working with Jilin Jien and the Liberty board and stakeholders to make Liberty Mines the next turnaround success.\" <\/p>\n
Liberty Mines would like to thank Chris Stewart and David Birch for their contributions and efforts as president and chief executive officer, and chief financial officer, respectively. <\/p>\n
Details of Bridge Financing <\/p>\n
Liberty has executed a term sheet for a bridge loan in the principal amount of $500,000. Amounts drawn under the loan will accrue interest at a rate of 10% per year, payable quarterly in advance. Closing of the facility is subject to standard commercial terms, including execution of a definitive loan agreement. <\/p>\n
About Liberty Mines Inc. <\/p>\n
Liberty Mines Inc. owns the only nickel concentrator in the Shaw Dome area, a prospective nickel belt region near Timmins, Ontario. Liberty also owns two former producing nickel mines and a prospective land package near Timmins, Ontario. <\/p>\n
CAUTIONARY STATEMENTS <\/p>\n
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Liberty Mines Obtains Bridge Financing and Appoints New CEO and CFO<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" TORONTO, ONTARIO--(Marketwired - Jun 17, 2013) - Liberty Mines Inc. (LBE.TO) has entered into a term sheet for bridge debt financing with Forbes & Manhattan, Inc. in the principal amount of $500,000. Continue reading