August 31, 2014 7:15 AM ET

Capital Markets

Company Overview of Waterton Global Value, L.P.

Company Overview

Waterton Global Value, L.p is a fund managed by Water Global Resource Management.

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Canada

Key Executives for Waterton Global Value, L.P.

Waterton Global Value, L.P. does not have any Key Executives recorded.

Waterton Global Value, L.P. Key Developments

Gryphon Gold Corporation Enters into Agreement with Waterton Global Value, L.P. and its Subsidiary to Form to Form A Joint Venture with Borealis Mining Company

Gryphon Gold Corporation has entered into agreements with Waterton Global Value L.P. and a subsidiary of Waterton to form a joint venture with Gryphon's Borealis Mining Company. Under terms of the Agreement, Waterton will convert $17.0 million, or about two-thirds, currently outstanding under its Senior Credit Facility with Gryphon Gold for a 60% ownership interest in the company's subsidiary, Borealis Mining. Gryphon Gold will own a 40% interest in Borealis and the amount due under the Senior Credit Facility will be reduced to $8.0 million, which is to be repaid in monthly installments commencing on January 31, 2013 through the end of the term in November 2014. The reduction of the amount outstanding under the facility will reduce the company's' monthly debt payments from $1.4 million, by approximately $1.0 million, to $0.4 million. Concurrent with the joint venture and the debt reduction, Gryphon Gold and Waterton entered into an operating agreement which will govern the operational and financial obligations of both joint venture parties on a going-forward basis. Gryphon Gold is responsible for the payment of an initial $4.0 million to the joint venture to compensate Borealis for obligations incurred prior to the formation of the joint venture, in addition to 40% of an initial $4 million contemplated capital contribution. Waterton will advance a total of $5.6 million to Gryphon, with $3.0 million already having been advanced, to cover the Company's initial capital contributions to the joint venture which will be repaid, with interest at escalating rates, on or before July 31, 2013. Ongoing capital contributions will be determined by the board of managers of Borealis, and will be paid by both parties equal to their respective ownership interest in Borealis. If one party fails to meet a financial obligation it will be subject to dilution in their ownership interest in Borealis. In addition, if Gryphon fails to meet monthly payment obligations under the Senior Credit Facility, its interest in Borealis will be diluted in accordance with the terms of the Credit Agreement relating to the Senior Credit Facility.

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