Business
Guardian Enters into Loan Agreement with Affiliated Corporations
(TheNewswire) Calgary, Alberta – TheNewswire - November 10, 2022 -...
About this update from Guardian Exploration Inc.
[{"type":"text","content":"Guardian Enters into Loan Agreement with Affiliated Corporations\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n Calgary, Alberta –\n \n \n TheNewswire -\n \n \n November 10, 2022\n \n \n -\n \n \n Guardian Exploration Inc.\n \n \n (\n \n \n TSXV:GX) (OTC:GXUSF) (Frankfurt:R6B) (the “\n \n \n Corporation\n \n \n ” or\n“\n \n \n Guardian\n \n \n ”) announces that it has entered into a loan agreement (the\n“Loan Agreement”) with Deckland Inc. and Guardian Helicopters Inc.\n(collectively, the “Lenders”) for the provision by the Lenders of\na revolving loan of up to an aggregate principal amount of $800,000 to\nbe drawn down as required to be used by the Corporation to fund\nworking capital requirements.\n \n \n \n \n Under the Loan Agreement, the Lenders may advance or\nre-advance funds from time to time provided that the maximum amount\ndrawn shall not exceed $800,000.  All loan obligations under the Loan\nAgreement shall be repaid to the Lenders in full on demand.  The loan\nis unsecured.  No bonus securities will be granted to the Lenders for\nproviding the loan.\n \n \n \n \n Amounts advanced under the loan shall bear interest of\n15% per annum calculated on the daily balance of the amount owing and\npayable as mutually agreed until payment in full of all amounts due or\nowing have been paid.\n \n \n \n \n The Lenders are both Alberta-based private corporations\nthat are wholly-owned by Graydon Kowal, the President, CEO and a\ndirector of the Corporation.  The loan is considered a \"Related\nParty Transaction\"\n \n \n under Multilateral\nInstrument 61-101 –\n \n \n Protection of Minority Security Holders in Special\nTransactions\n \n \n (“\n \n \n MI 61-101\n \n \n ”).  The\nCorporation relied upon the exemptions from the minority shareholder\napproval and valuation requirements set out in Sections 5.7(1)(a) and\n5.5(a), respectively, of MI 61-101.  The loan was approved by the\nu\n \n \n nanimous resolution of the disinterested\ndirectors of the Corporation.  Graydon Kowal abstained from voting in\nrespect of the resolution.\n \n \n The Corporation has\ntoday filed a material change report in accordance with MI 61-101 in\nconnection with the completion of the Transaction.\n \n \n \n \n About Guardian Explo...