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Plato Gold Announces Closing of Loan Financing for First Ever Drill Program at Lolita Project, Santa Cruz, Argentina
Toronto, June 16, 2025 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V: PGC ) (OTCQB: NIOVF )...
About this update from Plato Gold Corp.
[{"type":"text","content":"Plato Gold Announces Closing of Loan Financing for First Ever Drill Program at Lolita Project, Santa Cruz, Argentina\n\n\n\n Toronto, June 16, 2025 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V:\n \n PGC\n \n ) (OTCQB:\n \n NIOVF\n \n ) (FRANKFURT:\n \n 4Y7\n \n OR WKN:\n \n A0M2QX\n \n ) (“\n \n Plato\n \n ” or the “\n \n Company\n \n ”) an exploration company with a portfolio of properties in Northern Ontario and Santa Cruz, Argentina announces that further to its press release dated May 1, 2025, it has updated the terms and closed its previously announced loan financing.\n \n\n Certain lenders have agreed to provide Plato with a loan of up to US$1,050,000, with one lender providing a loan of US$50,000 and the other lender, being 1338823 Alberta Inc., providing a loan of US$1,000,000 in such principal amounts to be advanced to the Company by such lender as agreed from time to time. The loan proceeds shall be used to finance the Company’s drill program at the gold-silver Lolita Project, Santa Cruz, Argentina and for working capital and general corporate purposes. The loans are unsecured and will bear interest at 7% per annum and become due and payable on June 10, 2026 (the “\n \n Maturity Date\n \n ”) unless repaid earlier at the option of Plato. The loans do not contain the right for the outstanding principal amount to be converted into common shares of Plato, as was previously contemplated in the Company’s May 1, 2025 press release.\n \n\n 1338823 Alberta Inc., a company over which Anthony Cohen, President and a director of Plato and James Cohen, a director of Plato, exercise control and direction over, entered into a loan agreement with Plato to lend up to US$1,000,000 to Plato, which constitutes a “related party transaction” for the purposes of Multilateral Instrument 61-101 -\n \n Protection of Minority Security Holders in Special Transactions\n \n (“\n \n MI 61-101\n \n ”). The Company is relying upon exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 in connection with the related party transaction on the basis that the fair market value of the loan is not more than $2.5 million. The Company did not file a material change report more than 21 days before the anticipated closing date of the loan t...