Business
Hanstone Closes Debt Financing
(TheNewswire) Vancouver, BC, August 2, 2024 – TheNewswire – Hanstone ...
About this update from Hanstone Gold Corp.
[{"type":"text","content":"Hanstone Closes 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, August 2, 2024 –\n \n\n TheNewswire –\n \n\n Hanstone Gold Corp. (TSX.V:HANS) (OTC:HANCF) (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 has closed its previously announced (see\nHanstone’s news release dated July 29, 2024) loan transaction (the\n“\n \n\n Loan\n \n\n ”) under which it has borrowed $725,000 (the\n“\n \n\n Principal\n \n\n ”) from an affiliate (the “\n \n\n Lender\n \n\n ”) of Mr.\n \n\n Gurbakhshish “Bob” Hans, a director of\nHanstone.\n \n\n In August 2023, the Lender loaned\n$400,000 (the “\n \n\n Original Loan\nAmount\n \n\n ”) to Hanstone. The new Loan was\nconducted under an amended and restated loan agreement (the\n“\n \n\n Amended Loan\nAgreement\n \n\n ”) dated as of August 1, 2024 which\ncontemplates total loaned funds of $1,125,000, being the Original Loan\nAmount and the Principal.\n \n\n\n\n The Lender loaned the Principal to the Lender pursuant\nto the Amended Loan Agreement. The Principal and the Original Loan\nAmount are repayable on August 1, 2027, and will accrue interest at\n15% per annum, such interest calculated and payable annually in\narrears. The Principal, the Original Loan Amount, and interest thereon\nare secured by a perfected first priority security interest in all\npresent and after-acquired property of the Company. In connection with\nthe Loan, Hanstone issued to the Lender 14,500,000 common share\npurchase warrants (each, a “\n \n\n Loan Warrant\n \n\n ”), with each Loan Warrant\nexercisable to acquire a common share (a “\n \n\n Loan\n \n\n Warrant Share\n \n\n ”) at a price of $0.05 per Loan\nWarrant Share until August 1, 2027. The Loan Warrants and the Loan\nWarrant Shares are subject to a four month hold period that expires\nDecember 2, 2024. The Company will use the Principal: to make an\noption payment 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 As Mr. Hans is an insider of the Comp...