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Solid closes $125,000 debt financing
EDMONTON, April 17 /CNW/ - Solid Resources Ltd. ("Solid" or the "Company") announces that it has ...
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[{"type":"text","content":"\n\n\n\nEDMONTON, April 17 /CNW/ - Solid Resources Ltd. ("Solid" or the\n"Company") announces that it has closed a $125,000 debt financing (the\n"Loan"). Mr. Alvin Harter, a related party to the company, has lent $125,000\nto the company pursuant to the terms of a non-convertible promissory note (the\n"Note"). The Note provides: (a) for interest at the rate of 12% per annum\n(interest for the first 3 month period, being of the term of the Loan, will be\ndeducted from the principle amount); and (b) that the loan is payable on\ndemand after 90 days written notice. The loan is backed by security against\nthe Company's interest in the Bear Property, N.W.T.\n\n\nThe TSX Venture Exchange ("TSXV") has, pursuant to the correspondence\ndated April 15, 2008, conditionally accepted the Loan and the grant of\nsecurity. The TSXV has advised that final acceptance will be issued upon\nreceipt of executed copies of a signed copy of the directors' resolution and\nall corresponding documentation and the issuance of this news release. In\naddition, the Executive Director of the Alberta Securities Commission has,\npursuant to correspondence dated April 15th, 2008, granted permission for the\nfunding of the Loan directly to Solid.\n\n\nThe majority of the proceeds of the Loan will be used for expenses\nincurred for the Company's Spanish subsidiary, Solid Mines Espana S.A.\nregarding the Doade Presqueira Concession.\n\n\nThe company is actively exploring financings with non-related parties;\nhowever, the company was not able to complete a financing in a timely fashion.\nAs such, the Board of Directors relied on its special committee (the "Special\nCommittee"), consisting of independent Directors, to negotiate the terms of\nthe Loan with Mr. Harter. The special committee and the board of directors\nunanimously concludes that the Loan was on commercially reasonable terms and\nwould improve the financial position of the company.\n\n\nCertain statements contained in this press release, including statements\nwhich are related to exploration activity and future prospects and\nprofitability and which may contain words such as "could", "should", "expect",\n"believe", "will" and similar expressions and statements relating to matters\nthat are not hist...