Business
JZR Gold Enters into Loan Agreements
(TheNewswire) June 8, 2023 – TheNewswire - Vancouver, British Columbia, ...
About this update from Jzr Gold Inc.
[{"type":"text","content":"JZR Gold Enters into Loan Agreements\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n June\n8, 2023 –\n \n \n TheNewswire -\n \n \n Vancouver, British Columbia,\nCanada –\n \n \n JZR Gold Inc. (the “\n \n \n Company\n \n \n ” or\n“\n \n \n JZR\n \n \n ”)\n \n \n (\n \n \n TSXV:JZR\n \n \n ) is pleased\nto announce that it\n \n \n has entered into loan\nagreements with each of four arm’s length lenders (collectively, the\n“\n \n \n \n Lenders\n \n \n \n ”) dated June 8, 2023,\npursuant to which the Company will borrow the aggregate principal sum\nof $1,000,000 (the “\n \n \n Loans\n \n \n ”).  The Loans, which are unsecured,\nwill have a term of one (1) year (the “\n \n \n Maturity Date\n \n \n ”),\nand bear interest at a rate of 12.0% per annum.  The aggregate\nprincipal sum of the Loans, and any accrued but unpaid interest, shall\nbe due and payable on the Maturity Date, provided, however, that the\nCompany may pay back the principal plus any accrued and unpaid\ninterest on the Loans to the Lenders at any time without\npenalty.\n \n \n \n \n Subject to approval of the TSX Venture Exchange, the\nCompany will also issue to the Lenders an aggregate of 300,000 common\nshares (the “\n \n \n Bonus\nShares\n \n \n ”) as additional consideration for the\nLoans.  The Bonus Shares are subject to a hold period of four months\nand one day from the date of issuance.\n \n \n \n \n The Company possesses a right to receive a 50% net\nprofit interest in gold produced from the Vila Nova gold project\nlocated in the State of Amapa, Brazil (the “\n \n \n Project\n \n \n ”).  The\nProject is currently being developed by Eco Mining Oil & Gaz\nDrilling and Exploration Ltda. (“\n \n \n Eco\n \n \n ”) as the\noperator.  Eco commissioned the installation of a gravimetric mill\n(the “\n \n \n Mill\n \n \n ”) for the Project, which Mill has been assembled and is\noperational, but is not currently operating at full capacity.  The\nCompany wishes to assist Eco to bring the Mill to full operational\ncapacity and intends to advance a majority of the net proceeds of the\nLoans as a loan to Eco specifically for this purpose.\n \n \n \n \n For further information, please conta...