3 Directors Resign + $35K loan from prior CEO Cascadero's Harder resigns as president, CEO, chairman
2019-10-08 10:55 MT - News Release
Mr. Brian Causey reports
CASCADERO COPPER CORPORATION ANNOUNCES RESIGNATION OF DIRECTORS
Cascadero Copper Corp.'s Gary Ostry, Lorne A. Harder and Gregory P. Andrews have resigned as directors of the company, effective immediately. Mr. Harder has also stepped down as chairman, president and chief executive officer of the company.
The board of directors of the company would like to thank Mr. Ostry, Mr. Harder and Mr. Andrews for their contributions and wishes them well in their future endeavours.
The board of directors has begun a process to appoint a new president, chief executive officer and chairman. Further updates will be made in due course.
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Cascadero arranges $35,000 loan with CEO Harder
2019-09-09 14:24 MT - News Release
Mr. Lorne Harder reports
CASCADERO COPPER CORPORATION ANNOUNCES SECURED, INTEREST-FREE LOAN ADVANCED BY ITS CHAIRMAN, PRESIDENT AND CEO
Lorne Harder, Cascadero Copper Corp.'s chairman, president and chief executive officer, has agreed to advance a loan to the company in the principal amount of up to $35,000, which is in addition to $65,000 in principal that Mr. Harder had previously advanced to the company in July, 2019, to cover expenses incurred in respect of the company's mineral exploration properties in Argentina, as well as certain TSX Venture Exchange filing fees. The additional loan proceeds will be applied to cover certain taxes and continuing administrative expenses.
The $65,000 previously advanced to the company by Mr. Harder had been evidenced only in the company's accounting records, and the board of directors has determined that the entire principal loan amount of $100,000 shall now be evidenced by a non-interest-bearing grid promissory note that will mature and become due and payable on Dec. 9, 2019. The company's obligations under the note are secured by a pledge of three million shares of Amarc Resources Ltd. that are beneficially owned by the company, in accordance with the terms of a pledge agreement among the company, as pledger, Mr. Harder, as pledgee, and McMillan LLP, as pledge agent. The company may, at any time and from time to time, prepay all or any part of the amount owing to Mr. Harder under the note without notice, penalty or bonus.
The secured loan evidenced by the note constitutes a "related party transaction," as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The transaction is exempt from the formal valuation and minority securityholder approval requirements of MI 61-101, as the fair market value of the common shares of Amarc Resources pledged to secure the company's obligations under the note does not exceed 25 per cent of the company's market capitalization, calculated in accordance with MI 61-101. The loan transaction was unanimously approved by the directors of the company entitled to vote thereon, which consisted of all directors of the company, except for Mr. Harder, who abstained from voting.
© 2019 Canjex Publishing Ltd. All rights reserved.