Tulikivi Corporation has decided to take out interest-bearing debt of EUR 0.5 million due to the delay of the Suomussalmi talc project.
The loan period is three years and the annual interest of the loans is 8 per cent. Tulikivi Corporation will not issue collateral for the loans. In terms of repayment, the company’s senior debt takes precedence over these loans. The company may, however, repay these loans if the talc project is concluded before it repays the senior debt of its principal financing providers.
Of the loan agreements, EUR 0.2 million have been signed with Jaakko Aspara, Markku Rönkkö, Reijo Svanborg and Jyrki Tähtinen, who are Tulikivi Corporation’s related parties and members of its Board of Directors.
The Suomussalmi talc project was launched in 2017 and its studies and the JORC report are expected to be completed in August 2019.
BOARD OF DIRECTORS