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| AGT > SEC Filings for AGT > Form 8-K on 2-Oct-2009 | All Recent SEC Filings |
2-Oct-2009
Entry into a Material Definitive Agreement, Financial Statements and Exhibits
On September 28, 2009, Apollo Gold Corporation (the "Company") entered into an agreement with RMB Australia Holdings Limited ("RMB"), Macquarie Bank Limited ("Macquarie" and, together with RMB, the "Financiers") and RMB Resources Inc., pursuant to which the Financiers agreed, subject to the condition that the Company provide a new resource model and life of mine plan to the Financiers prior to November 15, 2009, to defer (i) the first scheduled repayment of $9,300,000 due on September 30, 2009 (the "Deferred Payment") under the $70,000,000 project finance facility between the Company and the Financiers entered into on February 20, 2009 (the "Project Facility") and (ii) the requirement to fund the debt service reserve account also due on September 30, 2009 (the "Deferred Funding Obligation"), which, in accordance with the terms of the Project Facility, requires a reserve amount equal to, at all times after initial funding, the greater of $5,000,000 or the aggregate repayment amount due on the next repayment date.
In addition, as part of the deferral, the Financiers agreed to conduct a technical review of the Black Fox project and extend the date by which the project completion test under the Project Facility must be satisfied to March 31, 2010. The project completion test was originally required to be successfully completed by October 31, 2009 and requires the Company to demonstrate to RMB Resources Inc., acting on behalf of the Financiers, that the Black Fox mine satisfies certain general and operational criteria during a predetermined test period.
As a result of the deferral, the Deferred Payment and the Deferred Funding Obligation now must be satisfied on the earlier to occur of (i) the completion of the Financiers' technical review process of the Black Fox mine and (ii) December 31, 2009.
The foregoing description is qualified in its entirety by reference to the Agreement attached to this Current Report on Form 8-K as Exhibit 10.1.
(d) Exhibits
10.1 Agreement dated September 28, 2009 between Apollo Gold Corporation, RMB Australia Holdings Limited and Macquarie Bank Limited and RMB Resources Inc.
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