According to Mining News Pro -Great Silver Panther in September this year launched a friendly $105-million takeover for gold miner Beadell, which owns the Tucano gold mine, in Brazil.

Under the terms of the transaction, Beadell shareholders will receive 0.0619 common shares of Great Panther for each ordinary share of Beadell, implying a consideration of A$0.086 a Beadell share.

Under Beadell’s agreement with MACA, the outstanding loan amount would become due and payable on change of control, absent MACA’s consent.

MACA told shareholders on Tuesday that the company has now agreed to waive the change of control clause, with a number of amendments made to the agreement, including the advancement of a A$3-million principal payment to 30 days following the completion date of the takeover, the advancement of the star of monthly principal payments of A$1.5-million to April 2019, from July 2019, and Great Panther guaranteeing the A$3-million and two subsequent A$1.5-million repayments.

Under the amendments, MACA will also have the right to convert some A$15-million of the remaining loan to shares in Great Panther, subject to a maximum of A$5-million each calendar quarter following the takeover transaction.

Furthermore, the percentage of the net cash proceeds from any third-party debt or equity financing to be paid to MACA against the outstanding balance of the loan has been reduced from 30% to 10%, while the percentage of net proceeds from the exercise of warrants required to repay the MACA loan has also been reduced from 30% to 20%.