Strateco Announces a CA $2,500,000 Bridge Loan With SIDEX
BOUCHERVILLE, QUEBEC--(Marketwire - Sept. 15, 2010) - Strateco Resources Inc. ("Strateco") (TSX:RSC)(FRANKFURT:RF9)(OTCBB:SRSIF) is pleased to announce that it has entered into a final agreement for a CA $2.5 million bridge loan with SIDEX LP ("SIDEX").
The funds are intended to act as a bridge in the event the payment of Strateco's 2009 refundable tax credits for resources is delayed. As at June 30, 2010, Strateco had earned a total of CA $13.4 million in tax credits, of which CA $5.7 million relates to 2009 refundable tax credits. Strateco also anticipates the receipt of CA $1.5 million on refundable mining duties before the end of the calendar year.
The loan is secured and must be repaid within 30 days from the receipt of the 2009 tax credits for resources, or at the latest, by March 15, 2011. The loan bears interest at an annual rate of 9%. The use of the funds is at the discretion of the Company.
In connection with the loan, Strateco issued 300,000 common share purchase warrants to SIDEX. Each warrant entitles the holder to acquire one common share of Strateco for 18 months at a price of $1.00 per share. Each common share is subject to a resale restriction of four months.
About SIDEX
SIDEX was established by the government of Quebec and the Solidarity Fund QFL. The mission of SIDEX is to invest in companies engaged in mineral exploration in Quebec in order to diversify Quebec's mineral base, encourage new exploration models, stimulate investment for new commodities in existing districts and open new territories with high potential for discovery.
