Anglo Asian Mining plc ("Anglo Asian" or the "Company"), the AIM listed gold, copper and silver producer focused in Azerbaijan, announces that Reza Vaziri, President and Chief Executive Officer of Anglo Asian, has agreed to extend the term of his loan facility (the "Loan Facility" or the "Loan") to the Company.
The amount of the loan facility from Reza Vaziri is $4.0 million and the term of the loan was until 8 January 2018, the company told APA-Economics.
The amount currently outstanding under the facility is $3.9 million. The interest on the loan is at a rate of 10 per cent. per annum. The term of the loan has been extended for one year until 8 January 2019. The interest rate on the loan has been reduced to 7 per cent., with all other terms of the loan remaining unchanged.
As Mr. Vaziri is a director of the Company, the Loan constitutes a related party transaction pursuant to AIM Rule 13. The independent directors of Anglo Asian (being Khosrow Zamani, Richard Round, John H. Sununu and John Monhemius) consider, having consulted with the Company's Nominated adviser, SP Angel Corporate Finance LLP, that the terms of the Loan are fair and reasonable insofar as its shareholders are concerned.
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