Unassociated Document
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_________________________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of
Report (or Date of Earliest Event Reported): November 25, 2008
THE
GOLDFIELD CORPORATION
(Exact
name of registrant as specified in its charter)
Delaware
|
1-7525
|
88-0031580
|
(State
or other jurisdiction of incorporation or organization)
|
(Commission
File Number)
|
(IRS
Employer
Identification
No.)
|
|
|
1684
West Hibiscus Blvd.
Melbourne,
FL
|
32901
|
(Address
of principal executive offices) |
(Zip
Code)
|
Registrant's
telephone number, including area code: (321) 724-1700
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
o
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
o
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
o
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Item
1.01. Entry
into a Material Definitive Agreement.
Renewal
of Loan Agreement
On
November 25, 2008, The Goldfield Corporation (the “Company”) and Branch Banking
and Trust Company (the “Bank”) entered into a renewal of a $3.0 million Loan
Agreement (the “Working Capital Loan”) entered into by the parties on March 14,
2006, renewed on August 26, 2006, and again on September 27, 2007, which was
due
and payable in full on November 26, 2008. Pursuant to the loan renewal the
Working Capital Loan will mature and all amounts due thereunder will be due
and
payable in full on November 28, 2009, unless extended by the Bank at its
discretion. The Working Capital Loan provides the Company with a line of credit
to be used for working capital, capital expenditures and general corporate
purposes.
Pursuant
to the loan renewal described above (the “Loan Renewal”), until the Working
Capital Loan matures, the Company must make monthly payments of interest to
the
Bank in arrears at interest rates determined and upon the terms and conditions
as set forth in the Loan Renewal. Advances under the Loan Renewal will bear
interest at a rate per annum equal to One Month LIBOR (as defined in the Loan
Renewal) plus 1.800%, which will be adjusted monthly. All of the other terms
of
the Working Capital Loan and related ancillary agreements remain unchanged
and
are described in the Company’s previously filed Current Reports on Form 8-K
filed on September 1, 2005, March 20, 2006, October 2, 2006 and September 28,
2007.
The
foregoing description of the Loan Renewal does not purport to summarize all
of
the provisions of this document and is qualified in its entirety by reference
to
the Renewal of the Working Capital Loan filed as Exhibit 10-1 to this Current
Report on Form 8-K, and to the description of the Working Capital Loan in the
Company’s Current Reports on Form 8-K filed on September 1, 2005, March 20,
2006, October 2, 2006 and September 28, 2008 and the related exhibits thereto,
and each of the foregoing is incorporated herein by reference.
Item
2.03. Creation
of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.
As
described above in Item 1.01 under the heading “Renewal of Loan Agreement,” the
Company and the Bank entered into a renewal of the Working Capital Loan. The
Renewal of the Working Capital Loan filed as Exhibit 10-1 to this Current Report
on Form 8-K, the description of the Working Capital Loan in the Company’s
Current Reports on Form 8-K filed on September 1, 2005, March 20, 2006, October
2, 2006 and September 28, 2007 and the related exhibits thereto, are
incorporated herein by reference.
Item
9.01. Financial
Statements and Exhibits.
Exhibit |
Description
of Exhibit
|
|
10-1
|
Renewal
Revolving Line of Credit Promissory Note of The Goldfield Corporation
relating to Loans of up to $3.0
million.
|
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
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|
|
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The Goldfield
Corporation |
|
|
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Dated:
November 25, 2008 |
By: |
/s/ Stephen
R. Wherry |
|
Stephen
R. Wherry |
|
Senior
Vice President, Chief Financial Officer
(Principal Financial and
Accounting Officer), Treasurer and Assistant
Secretary
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EXHIBIT
INDEX
Exhibit
No. |
Description
of Exhibit
|
|
10-1
|
Renewal
Revolving Line of Credit Promissory Note of The Goldfield Corporation
relating to Loans of up to $3.0
million.
|