Adriana Resources Inc announced that further to the Company's news release of June 1st 2009 the TSX Venture Exchange has approved a one year extension of the unsecured convertible debenture held by ArcelorMittal in the principal amount of USD 6,450,000. The unsecured convertible debenture is now due September 10th 2012.
This represents ArcelorMittal’s commitment to fund a significant portion of Adriana's monthly costs incurred in connection with its port permitting process in Brazil and 80% of substantial third party consultant costs incurred in connection with Adriana's port permitting process in Brazil.
Mr Michael Beley president & CEO of Adriana stated that the Company continues to work closely with ArcelorMittal to advance its port development project in Brazil, and is pleased with ArcelorMittal's commitment in assisting Adriana to fund the advancement of the project through the combination of cash payments and interest deferrals.
Adriana's goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.
