OTCPK:CFMSF - Post by User
Post by
Jolgas2on Nov 29, 2012 3:21pm
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Post# 20662206
Clifton Star confirms demand sent to Osisko
Clifton Star confirms demand sent to Osisko
Found on the Osisko forum dated 20 November
Clifton Star Resources president and CEO Michel Bouchard has confirmed that the company has sent the official demand to Osisko for the loan of $22.5 million. I have not seen a press release by either company.
From the October, 2012 MD&A:
On June 16, 2011, Osisko notified the Company of its decision to terminate its participation in the Project. However, Clifton still has the right to access a loan of $22.5 million from Osisko on or before December 1st, 2012, for the payment to the property vendors. If Clifton were to access the funds, the Company would have the right to retire the loan (plus interest at a rate of 5%) based on the issuance of shares of Clifton to Osisko at a price of $3.12 per share for the principal and at market price for the interest.
Jolgas2