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A.I.S. Resources Announces Loan Financing
VANCOUVER, British Columbia, Nov. 05, 2021 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX: AIS, OTCQB: AISSF) (the “Company” or “AIS”) announces the Company
About this update from Ais Resources Ltd
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 05, 2021 (GLOBE NEWSWIRE) -- A.I.S. Resources Limited (TSX: AIS, OTCQB: AISSF) (the “Company” or “AIS”) announces the Company has entered into loan agreements with certain parties for aggregate loan proceeds of $400,000. Loans totaling $300,000 are for the term of one year and bear interest at 3% per annum. Pursuant to the Loan Agreements and upon approval of the TSX Venture exchange the lenders shall also receive from the Company 1,200,000 bonus shares at a deemed price of $0.05 representing 20% of the aggregate sum of the loans. The Bonus Shares will be subject to a trading hold period expiring four months from the date of issue, under applicable securities law. A loan in the amount of $100,000 is for the term of one year and bears interest at 6% per annum. Upon approval of the TSX Venture exchange the lender shall also receive from the Company 2 million Bonus Warrants. Each Bonus Warrant will entitle the holder to purchase one common share of the Company at an exercise price of $0.05 per share for one year. The Bonus Warrants will be subject to a trading hold period expiring four months from the date of issue, under applicable securities law. Proceeds of the loans will be used for exploration of the Company’s Australian gold properties and for working capital purposes. The Company intends to repay the loans by means of future private placement financings. About A.I.S. Resources Limited A.I.S. Resources Limited is a publicly traded investment issuer listed on the TSX Venture Exchange focused on precious and base metals exploration. AIS’ value add strategy is to acquire prospective exploration projects and enhance their value by better defining the mineral resource with a view to attracting joint venture partners and enhancing the value of our portfolio. The Company is managed by a team of experienced geologists and investment bankers, with a track-record of successful capital markets achievements. AIS owns 100% of the 28 sq km Fosterville-Toolleen Gold Project located 9.9km from Kirkland Lake’s Fosterville gold mine, a 60% interest in the 58 sq km New South Wales Yalgogrin Gold Project (with the right to acquire 100%), and 100% interest in the 167 sq km Kingston Gold Project in Victoria Australia near Stawell and Navarre. It also has joint venture interests with Spey Resources Corp in lithium...