stockwatch.com Gold Mountain obtains $1.5M secured loan from Hedge
2023-09-13 23:55 ET - News Release
Mr. Ron Woo reports
GOLD MOUNTAIN ENTERS INTO SECURED LOAN AGREEMENT
Gold Mountain Mining Corp.'s wholly owned subsidiary has entered into a loan agreement with Hedge Minerals Corp., an arm's-length third party to the company. The lender has provided a secured loan to the company in the principal amount of up to $1.5-million, of which $1-million has been advanced to the company. The loan shall bear interest at a rate equal to 15.0 per cent per annum and payable on the first day of each month in arrears, shall mature 24 months from the date of the loan, and shall be secured by way of a share pledge over all of the shares of Elk Gold Mining Corp., an indirect subsidiary of the company which owns and operates the Elk gold project. The company has the option to prepay the loan at any time on or after March 13, 2024, on six months notice or with a lump sum penalty payment equal to six months interest.
Proceeds from the loan will be used to finance the continued operation of the Elk gold project and for general working capital purposes.
About Gold Mountain Mining Corp.
Gold Mountain is a British Columbia-based gold and silver exploration and production focused on the development of the Elk gold project, located 57 kilometres from Merritt in south-central British Columbia.
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