The Board of Directors of Minera IRL Ltd today announced that it has filed a request for a criminal investigation against Diego Benavides and others in relation to the US$70m bridge credit agreement with COFIDE
- Sherpa is a legally constituted Company that acted as financial advisor consulting to Minera IRL SA, the Peruvian subsidiary. Sherpa was not contracted to the parent company, Minera IRL Ltd, as COFIDE does not fund foreign companies. Sherpa’s services were required in order to set up the bridge loan between Minera IRL SA and COFIDE in order to finance the Ollachea Project.
- The finance agreement was approved by the Board of Directors of Minera IRL Ltd and signed off by Mr. Daryl Hodges, ex-Executive President of the company, who despite not having participated actively in the process and only having been named Executive President in March 2015, awarded himself a bonus commission of up to US$250,000 for the conclusion of the final US$240m credit agreement.- With the US$70m Bridge Loan Agreement, Minera IRL Ltd avoided bankruptcy as it allowed the Company to pay its US$30m debt with Macquarie Bank due on June 30th 2015.
- The bridge loan funds were also used to pay the US$12m owed to Rio Tinto, the main shareholder of the company.