Baja Mining reports waiver to standstill agreement
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Aug. 24, 2012) – Baja Mining Corp. ("Baja") (TSX:BAJ)(OTCQX:BAJFF) today announced that the lenders to its 70% owned subsidiary, Minera y Metalúrgica del Boleo S.A. de C.V. ("MMB") have agreed to a waiver to the second standstill agreement (as described in Baja's news release of August 7, 2012).
The new standstill agreement requires the Korean Consortium to complete Stage I financing by August 27, 2012.
The Korean Consortium has advanced approximately US$73.5 million of the total US$90 million of Stage I financing, which is sufficient to trigger the reduction in Baja's interest in MMB from 70% to 49% (as described in Baja's news release of July 26, 2012). However the formalities required to transfer the shares and transfer control have not yet been completed.
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