Altan Nevada signs $300,000 (Australian) loan agreement
2021-07-23 11:15 ET - News Release
Mr. Paul Stephen reports
ALTAN NEVADA ANNOUNCES LOAN AGREEMENT
Altan Nevada Minerals Ltd. has entered into an unsecured loan agreement with Parkwise Corporation Pty. Ltd. pursuant to which the company may borrow up to $300,000 (Australian).
In connection with the execution of the loan agreement, the lender has advanced the company $130,000 (Australian). The company may, subject to certain conditions being met, draw an additional $170,000 (Australian) under the terms of the loan agreement. The company intends to use the proceeds of the loan agreement to repay certain amounts owing to Altan Rio Minerals Ltd. and as general working capital.
The principal amount advanced to the company under the loan agreement, remaining from time to time unpaid and outstanding, bears interest at a rate of 12 per cent per annum, payable monthly in arrears. The principal amount will be repaid in full by July 23, 2023.
Subject to the approval of the TSX Venture Exchange, the company will issue common share purchase warrants to the lender in connection with the funds advanced to it under the loan agreement, each bonus warrant entitling the lender to acquire one common share of the company until the maturity date. The bonus warrants will be issued following the company completing a share consolidation which results in a market price (as defined in the policies of the TSX-V) in excess of five cents. The company will make additional applications to TSX-V for the approval of any bonus warrants issued in connection with the loan agreement, and will provide further news releases at such times setting out the number of bonus warrants issued to the lender and the exercise price of such bonus warrants.
We seek Safe Harbor.