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Azarga Metals closes shares-for-debt deal

When Azarga acquired the subsidiary in March last year it assumed the obligation to repay existing loans of US$766,709, and make the interest payments.
Azarga Metals closes shares-for-debt deal
Azarga has now closed the previously announced transaction

Azarga Metals Corp (CVE:AZR) has issued over 1.22mln shares to settle some debts, as previously reported, of its 60%-owned subsidiary, Azarga Metals Ltd.

When Azarga acquired the subsidiary in March last year it assumed the obligation to repay existing loans of US$766,709, and make the interest payments.

Azarga said earlier this month that US$92,005 in interest was now due and the lenders have agreed to accept 709,751 Azarga shares in lieu of payment.

As part of the acquisition, Azarga also committed to pay the minority shareholders in the acquired company US$80,000.

The minority shareholders agreed to accept 514,283 Azarga shares in lieu of this payment.

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