Till Capital, the Bermuda company that owns Omega Insurance and Resource Re, has made a series of announcements that sees it transfer some $5.3 million of reinsurance liabilities to another company and take action at two mining companies in which it holds substantial investments.
Till Capital has novated two reinsurance contracts worth some $5.3 million and held by subsidiary Resource Re to Multi-Strat Re, another Bermuda-based reinsurance company. The novation releases Resource Re from its liabilities under these reinsurance contracts.
Through Resource Re, it has also agreed to loan $275,000 to Silver Predator Corp, a mining company in which it holds a 71 percent stake, for working capital requirements. The loan, of which Silver Predator has drawn down $100,000 so far, is repayable by December 31, 2015. The annual interest rate on any balance on the note is 12 percent.
Finally, it has also delayed the Annual and Special General Meeting of shareholders of Golden Predator Mining, another mining company in which Resource Re holds a 59 percent stake, by two weeks. The meeting, was scheduled to take place on August 21, 2015, but will now be held on September 4, 2015.
The move follows a previous announcement by Till Capital that it planned to use its powers as the company’s biggest shareholder to replace Golden Predator’s board of directors with the directors of Till Capital. Following this announcement, five directors of Golden Predator Mining resigned.
Till Capital, Omega Insurance, Resource Re, Multi-Strat Re, Bermuda