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Debt
6 Months Ended
Jun. 30, 2013
Debt Disclosure [Abstract]  
Debt [Text Block]

8. Debt

 

On March 28, 2013, the Company entered into a credit agreement with Sprott Resources Lending Partnership (the “Lender”) for purposes of establishing a C$10,000 ($9,500) loan facility (the “2013 Facility”). The 2013 Facility matures March 28, 2014, however early repayment of the 2013 Facility, at the Company’s option, is allowed provided that at least four months interest has been paid.  The maturity date can be extended by one year, to March 28, 2015, by mutual agreement of the Company and the Lender, subject to the payment of a 3.5% extension fee, which is payable in Vista common shares, and the Lender’s satisfaction in Vista’s capacity to repay the loan and that Vista’s assets are not, or are not about to become, impaired.

 

The 2013 Facility bears an interest rate of 8% per annum, payable monthly. In addition to interest, the 2013 Facility provided the Lender total fees associated with the closing of the 2013 Facility of 3.5% of the 2013 Facility amount, including C$100 ($99) in cash and the issue of 125,798 Vista common shares.  The 2013 Facility is secured by a general security agreement (“GSA”) with exclusions for the Mt. Todd gold project and the mill equipment. If the Company completes an asset disposition, other than of the assets excluded from the GSA, or a debt or equity financing the Company is required to utilize 50% of the net proceeds exceeding $1,000 to repay the 2013 Facility up to the full amount outstanding. The Company is in compliance with all related debt covenants.