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Solid closes $300,000 debt financing
Solid closes $300,000 debt financing.
About this update from Regenx Tech Corp
[{"type":"text","content":"\n\n\n\nEDMONTON, Sept. 12 /CNW/ - Solid Resources Ltd. ("Solid" or the\n"Company") announces that it has closed a $300,000 debt financing (the\n"Loan"). Mr. Alvin Harter, a related party to the Company, has lent $300,000\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 10% per annum\n(with interest for the first 6 month period being prepaid by a deduction\nagainst the principal amount); (b) that it is payable on demand after 90 days\nwritten notice; and (c) that no demand may be made by Mr. Harter under the\nnote until 6 months have lapsed from the date of issue.\n\n\nIn conjunction with the Loan, previous issued demand debt in the\naggregate amount of $1,110,739 (the "Existing Debt") owning to Mr. Harter and\nMs. Lucie Doolaege has been restated such that no demand may be made prior to\nDecember 1, 2007 and thereafter demand may only be made after 90 days written\nnotice. Also, the Company has granted collateral security on its Bear Property\nin the Northwest Territories to secure repayment of both the Loan and the\nExisting Debt.\n\n\nThe TSX Venture Exchange ("TSXV") has, pursuant to correspondence dated\nSeptember 4, 2007, conditionally accepted the Loan, the restatement of the\nExisting Debt and the grant of security. The TSXV has advised that final\nacceptance will be issued upon receipt of executed copies of all transaction\ndocuments and the issuance of this news release. In addition, the Executive\nDirector of the Alberta Securities Commission has, pursuant to correspondence\ndated Sept 7, 2007, granted permission for the loan and the restatement of the\nexisting debt as it pertains to Mr. Harter.\n\n\nThe proceeds of the Loan will be used for exploration expenses on the\nCompany's Lara Property located in Peru and for working capital.\n\n\nAlthough the Company explored completing financings with non-related\nparties, the current trading halt imposed by the TSXV did not make it possible\nto do so. As such, the Board of Directors formed a special committee (the\n"Special Committee"), consisting of its independent Directors, to negotiate\nthe terms of the Loan with Mr. Harter. The Special Committee and the Board of\nDirectors unanimously concluded that the Loan,...