GREY:VAALF - Post by User
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xxtscon Sep 30, 2011 3:22am
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Post# 19102473
Freegold
Freegold Vaaldiam and Freegold Restructure Debt Payment9/29/2011 8:56:02 PM - Market WireTORONTO, ONTARIO, Sep 29, 2011 (MARKETWIRE via COMTEX News Network) --Vaaldiam Mining Inc. ('Vaaldiam' or 'the Company') (TSX: VAA) reports that it has agreed with Freegold Ventures Limited ('Freegold') (TSX: FVL) to restructure the payment of $854,973.68 owed by Freegold to Vaaldiam which was due to be repaid in full on October 1, 2011.Freegold will now pay Vaaldiam $250,000 on October 1, 2011 and the balance of the debt on November 30, 2011. The portion outstanding will continue to bear interest at an annual rate of 6%.Vaaldiam CEO Robert Jackson said "Freegold is making excellent progress with its drilling programs at its gold properties in Alaska. We own approximately 2.8 million common shares of Freegold and are strong believers in the merit of its properties. Consequently we are content to grant a short-term deferral of the payment due to us because we believe that it assists Freegold, ultimately benefitting our own shareholders".