Anglo Asian Mining Plc (LON:AAZ) has announced that its president and chief executive officer, Reza Vaziri has agreed to extend the term of his loan facility to the company by one year, with the interest rate payable also reduced.
The AIM listed gold, copper and silver producer focused on Azerbaijan noted that the amount of the loan facility from Vaziri is US$4.0mln and the term of the loan was until 8 January 2018.
It added that the amount currently outstanding under the facility is US$3.9mln, with interest on the loan at a rate of 10% per annum.
The group said the term of the loan has now been extended until 8 January 2019 and the interest rate on the loan has been reduced to 7%, with all other terms of the loan remaining unchanged.
Anglo Asian said its independent director, having consulted with the company's nominated adviser, SP Angel that the terms of the loan are fair and reasonable insofar as its shareholders are concerned.