Business
Rathdowney Announces $230,500 Loan
Rathdowney Announces $230,500 Loan Canada NewsWire VANCOUVER, June 27, 2018 ...
About this update from Rathdowney Resources Ltd.
[{"type":"text","content":"\n\n\n\nRathdowney Announces $230,500 Loan\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, June 27, 2018\n\n\n\nVANCOUVER, June 27, 2018 /CNW/ - Rathdowney Resources Ltd. (\"Rathdowney\" or the \"Company\") (TSX‐V: RTH) announces that it has secured two loans for aggregate proceeds of $230,500 (the \"Loan\").\n\nThe Company has settled an agreement with Orfo Properties Ltd. (\"Orfo\"), an arm's length third party, with respect to a $100,000 loan (the \"Orfo Loan\"). The Orfo Loan is unsecured, will bear interest at a rate of 15% per annum and is repayable immediately on the earlier of: (a) the date of completion by the Company of one or more equity financings raising aggregate gross proceeds in the minimum amount of $1,000,000; (b) the two year anniversary of the advance of the principal amount of the Loan; or (c) immediately on demand if there occurs an Event of a Default which remains uncured.\n\nIn connection with the Orfo Loan, Rathdowney will issue to Orfo a loan bonus in the form of 833,333 warrants (the \"Bonus Warrants\"), each entitling the holder to acquire one common share of Rathdowney for two years at a price of $0.12 per share. The Bonus Warrants will be subject to a four month hold period commencing from the date of issuance thereof. The Orfo Loan and Bonus Warrants are subject to acceptance by the TSX Venture Exchange.\n\nIn addition to the Orfo Loan, the Company has settled an agreement with David Copeland, a non-arm's length director and officer of the Company, with respect to a $130,500 loan (the \"Copeland Loan\") on the same terms as the Orfo Loan, except that no bonus warrants or other bonus compensation is payable to Mr. Copeland under the terms of the Copeland Loan.\n\nThe Loan will be used for working capital for Rathdowney. \n\nAbout Rathdowney and Project Olza\n\nRathdowney Resources Ltd. is focused on advancing Project Olza through permitting and into production. Project Olza is located in the Upper Silesian Mining District of southwestern Poland, a world-class region in size of Mississippi Valley-type...