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Majestic Gold Corp. V.MJS

Alternate Symbol(s):  MJGCF

Majestic Gold Corp. is engaged in mineral resource exploration, development and extraction. It operates the Songjiagou open pit gold mine in the eastern Chinese province of Shandong. Songjiagou Gold Mine covers over 75.04 square kilometers in Muping, Yantai, Shandong Province, China. It has four separate tenements, including E36/918, E37/1334, E63/2110 (Kumarl) Tenement and E77/2817 (Moorine) Tenement. These tenements are located in Western Australia, an area with demonstrated potential for the discovery of lithium oxide mineralization. E36/918 tenement has been granted and consists of two blocks located 150 kilometers (km) North of Leonora, about 50 kms north of Leinster, along the east side of the Kathleen Valley. E37/1334 tenement has been granted and consists of six blocks located west of Leonora township, 200 kms North of Kalgoorlie and 700 kms northeast of Perth, in the Goldfields region. E77/2817 (Moorine) Tenement consists of eight blocks located 400 kms east of Perth.


TSXV:MJS - Post by User

Bullboard Posts
Post by MisterBon Jul 26, 2011 10:41am
285 Views
Post# 18873288

$10M convertible loan closed.

$10M convertible loan closed.Per stockwatch:

Mr. Rod Husband reports

CONVERTIBLE LOAN FINANCING ARRANGED

Majestic Gold Corp. has arranged a$10-million loan to advance its Song Jiagou project in China. A total of $9-million from theproceeds from the loan will be used by the company in connection with its Song Jiagou project and thebalance of $1-million for general working capital purposes.

The loan will have a one-year term and loan principal will be convertible at the option of the lender inwhole or in part into common shares of the company until 12 months from the date of theloan advance at the price of 20.5 cents per share. The loan will bear interest at the rate of 7.5 per cent per year,payable on maturity, and accrued and unpaid interest will be convertible at the option of the lender inwhole or in part into shares of the company until 12 months from the date of the loan advance atmarket price at the time of conversion.

The lender is at arm's length from the company and will not become an insider as a result of anyconversion of principal and interest. All shares issued on any conversion of loan principal or interest willbe subject to a four-month hold period from the date of advance of loan proceeds. The loan is subject toacceptance by the TSX Venture Exchange.

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