Minor News Item Impressive action on PGK today. No idea whether or not it's related to this news item posted @ stockwatch.com .
Northland lender PNG demands $1.04-million payment
2012-09-20 16:18 ET - News Release
See News Release (C-NPP) Northland Power Preferred Equity Inc
Mr. Ces Iewago reports
NEW GUINEA GOLD ANNOUNCES DEMAND FOR PAYMENT FROM PNG GOLD CORPORATION
New Guinea Gold Corp. has received notice from PNG Gold Corp. that it is making demand for payment of $1,042,298 owed to the lender pursuant to a credit agreement between the lender and the company dated March 7, 2012. The lender has notified the company that it will proceed with the enforcement of its security should such payment not be made by Sept. 27, 2012.
The company is reviewing its alternatives with respect to the demand notice and has made an initial proposal to the lender to settle amounts owing under the credit agreement by way of a cancelation of certain shares of the lender held by the company, as provided for under the terms of a share pledge agreement entered into between the lender and the company in connection with the credit agreement.
The company will issue further announcements regarding the status of its affairs with the lender in due course.
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