Business
Hanstone Announces Debt Financing
(TheNewswire) Vancouver, BC, July 29, 2024 – TheNewswire – Hanstone G...
About this update from Hanstone Gold Corp.
[{"type":"text","content":"Hanstone Announces Debt Financing\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n Vancouver, BC, July 29, 2024 –\n \n\n TheNewswire –\n \n\n Hanstone Gold Corp. (TSX.V:HANS) (FRA:HGO) (the\n“\n \n\n Company\n \n\n ” or “\n \n\n Hanstone\n \n\n ”)\n \n\n is pleased\nto announce that it will be conducting a loan transaction (the\n“\n \n\n Loan\n \n\n ”) under which it will borrow $725,000 (the “\n \n\n Principal\n \n\n ”) from an\naffiliate (the “\n \n\n Lender\n \n\n ”) of Mr.\n \n\n Gurbakhshish “Bob” Hans, a director of Hanstone.\n \n\n In August 2023, the Lender loaned $400,000\n(the “\n \n\n Original Loan\nAmount\n \n\n ”) to Hanstone. The new Loan will be\nconducted under an amended and restated loan agreement (the\n“\n \n\n Amended Loan\nAgreement\n \n\n ”) which contemplates total loaned\nfunds of $1,125,000, being the Original Loan Amount and the\nPrincipal.\n \n\n\n\n Pursuant to the Amended Loan Agreement, the Lender will\nlend the Principal to Hanstone. The Principal and the Original Loan\nAmount will be repayable on the date which is three years from the\ndate of execution of the Amended Loan Agreement, and will accrue\ninterest at 15% per annum, such interest calculated and payable\nannually in arrears. The Principal, the Original Loan Amount, and\ninterest thereon will be secured by a perfected first priority\nsecurity interest in all present and after-acquired property of the\nCompany. In connection with the Loan, Hanstone will issue to the\nLender 14,500,000 common share purchase warrants (each, a\n“\n \n\n Loan Warrant\n \n\n ”), with each Loan Warrant exercisable to acquire a common\nshare (a “\n \n\n Loan\n \n\n Warrant Share\n \n\n ”) at\na price of $0.05 per Loan Warrant Share for three years from the\nclosing date of the Loan. The Company will use the Principal: to make\noption payments of $700,000 under the option agreement respecting the\nCompany’s Doc Mineral property; and for general corporate purposes\napproved by the board of directors of the Company.\n \n\n\n\n The closing of the Loan is subject to execution of the\nAmended Loan Agreement and receipt of the approval of the TSX Venture\nExchange. The securit...