equity issue coming8. Due to Pima Zinc Inc.
Pursuant to a series of Bridge Loan Agreements with Pima Zinc Inc. (“Pima”) signed on May 26, 2022 for a loan in the amount of $500,000, June 6, 2022 for a loan in the amount of $300,000, July 30, 2022 for a loan in the amount of $600,000 and September 22, 2022 for a loan in the amount of $1,060,400 each with a lending rate of 10% per annum computed on the basis of a 360-day year and a maturity date of December 31, 2022. The total loans available under the Pima Bridge Loan facilities at September 30, 2022 amount to $2,460,000 (December 31, 2021 - $0).
As at September 30, 2022 the Company has taken draws under the Pima bridge loan facilities in the amount of $3,629,320. Interest under the Pima bridge loan facilities for the period May 26, 2022 to September 30, 2022 amounts to $87,662. The total balance owing under the Pima bridge loan facilities as at September 30, 2022 amounts to $3,716,982.
Subsequent to the period end, on October 31, 2022 the Company signed a Bridge Loan Agreement with Pima for a loan in the amount of $1,474,500, for a total loan available under the Pima bridge loan facilities of $3,934,900.