RE:Sleepy GHow's sleepy George going to repay these loans?? There are 23 mill of shares that will be dumped on him if he does not repaid the loans 12% pa. x$368,0000=$44160
plus $420,000 X12%=$50400 The Loan shall bear no interest and payable on or before July 1, 2024. If Belmont fails to repay the Loan in full on or before July 1, 2024, interest on arrears of 12% p.a. will be payable by Belmont beginning July 2, 2024.
HMS has the option to have the Debt paid through the issuance of 9,200,000 common shares, at a deemed value of $0.04 per share, subject to the approval of the TSX Venture Exchange.
The TSX Venture Exchange has accepted for filing documentation by Belmont Resources Ltd. with respect to a $420,000 convertible loan from arm's-length parties.
The convertible debenture bears no interest before April 1, 2024. Interest on arrears of 12 per cent per annum will begin to accrue starting April 2, 2024, if the principal amount is not paid in full on April 1, 2024. Interest is payable in cash, anything else will be subject to TSX-V approval.
The lenders have the option to have the debt paid through the issuance of 14 million common shares, at a deemed value of three cents per share, subject to the approval of the TSX Venture Exchange