Paid back the gold loanWell MQR did well on the gold loan since the price of gold has collapsed.
Now they announce they will pay the gold loan back early but give no dollar figure.
I wonder if they will pay the gold value back or the dollar value back.
If it is the dollar value then that is BS. Why pay it back when you are making over $100 per ounce due to the decrease in gold value.
Here is the terms.
Will be watching the financials. Marc you are here to run our company, not to make buddies.
2) US $4 million credit facility with Auramet International LLC
Monarques intends to close a senior secured gold loan agreement with Auramet International LLC providing the Corporation with access to a US $4 million credit facility. Auramet and Monarques have entered into a definitive Term Sheet, due diligence has been completed and the parties are currently documenting the loan. The loan will be repaid in 12 installments of ounces of gold commencing on October 31, 2017, and expiring on September 30, 2018, inclusive. The total number of ounces will be calculated based on the gold price at the closing of the agreement. The loan will be guaranteed by the Corporation’s subsidiaries, namely X-Ore Resources, Beacon Gold Mill Inc. and Camflo Mill Inc.