Robert FriedlandIs Friedland still considered an insider even though he is resigning his position--or could he dump his shares without any notice on SEDAR?
Ivanhoe Energy receives $2.2-million (U.S.) loan
2014-10-10 17:13 ET - News Release
Mr. Bill Trenaman reports
IVANHOE ENERGY RECEIVES US$2.2 MILLION SHORT-TERM LOAN FROM EXECUTIVE CO-CHAIRMAN ROBERT FRIEDLAND
Ivanhoe Energy Inc.'s working capital has been augmented by a $2.2-million (U.S.) (approximately $2.4-million) secured bridge loan provided by founder and executive co-chairman Robert Friedland.
In addition, concurrent with the advancing of the bridge loan, Mr. Friedland also has resigned as the executive co-chairman and as a director of the company. Mr. Friedland remains the largest shareholder of the company, owning 16.78 per cent of the issued and outstanding common shares, as well as remaining a holder of $7-million (U.S.) in principal amount of the company's outstanding convertible debentures.
Mr. Friedland commented: "As the company's largest shareholder, a holder of its unsecured convertible debt and now as a secured lender, it is appropriate for me to step aside from my company roles to avoid any potential for conflicts of interest. However, as this loan demonstrates, I continue to remain highly supportive of Ivanhoe Energy and its management team."
Mr. Friedland said he is open to the possibility of rejoining the board at some time in the future, once the potential for conflicts of interest has been removed.
The bridge loan bears interest at the rate of 10 per cent per annum, with a maturity of six months from the date of advance. Mr. Friedland's loan is secured by a first charge against the assets of the company, with the exception of all assets and subsidiaries of Ivanhoe Energy Latin America.
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