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Lions Bay Announces Execution of Binding Term Sheet for CAD $4.0 Million Promissory Note
Vancouver, British Columbia--(Newsfile Corp. - December 23, 2025) - Lions Bay Capital Inc. (TSXV...
About this update from Lions Bay Capital, Inc.
[{"type":"text","content":"Lions Bay Announces Execution of Binding Term Sheet for CAD $4.0 Million Promissory NoteVancouver, British Columbia--(Newsfile Corp. - December 23, 2025) - Lions Bay Capital Inc. (TSXV: LBI) (\"Lions Bay\" or the \"Company\") is pleased to announce it has signed a binding term sheet for a promissory note (\"Loan\") from Metals One Plc (\"Metals One\") for CAD $4.0 million.Key Terms of the LoanThe Loan is to be advanced by Metals One to Lions Bay on the following terms:CAD $4.0 million to be advancedProceeds to be applied to investment and working capital purposes20% interest per annum, payable in arrearsFull repayment of principal and interest required after a period of 12 monthsLoan prepayment by Lions Bay is permitted in part or in full at any time without penaltyLoan agreement to follow which will contain terms and conditions customary for a transaction of this size and nature including market standard warranties, representations and undertakings from Lions Bay to the Metals One, market standard events of default and material adverse change provisions (\"Loan Agreement\")The Loan will by secured by first ranking security in favour of Metals One in respect of Lions Bay's holdings below.16,901,506 common shares in Fidelity Minerals Corp. 499 ordinary shares in Lions Bay Resources Pty Ltd. (\"LBR\")Loan accounts to LBRUSD $2.2 million loan receivable from GNT Mining (private mining investment company and majority shareholder in Bosveld Mines, which operates the Klipwal gold mine in KwaZulu-Natal, South Africa)The conditions precedent and/or subsequent for the drawdown of the Loan are as below.First ranking security, in agreed form, having been granted to Metals OneWarranties and representations set out in the Loan Agreement remain true and accurate in all respectsLions Bay Capital having obtained shareholder, board and stock exchange approval, as requiredThe parties having entered into the Loan Agreement, in agreed formMetals One is an insider of Lions Bay and the loan is considered a \"related party transaction\" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\").John Byrne, Executive Chairman of Lions Bay Capital, commented: \"The Metals One Loan enables Lions Bay Capital to move swiftly to bring opportunities to fruition. Our immediate objectives include posi...