Business
San Lorenzo Announces Conversion of Shareholder Advances Into 2 Year Non-Convertible Debenture
(TheNewswire) Calgary, AB - TheNewswire - August 29, 2022 - San Lorenzo Gold Corp...
About this update from San Lorenzo Gold Corp
[{"type":"text","content":"San Lorenzo Announces Conversion of Shareholder Advances Into 2 Year Non-Convertible Debenture\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Calgary, AB -\n \n \n TheNewswire\n \n \n - August 29, 2022 -\n \n San Lorenzo\nGold Corp. (\"\n \n San\nLorenzo\n \n \" or the \"\n \n Company\n \n \")\n \n (TSXV:SLG)\n(OTC:SNLGF)\n \n is pleased to announce that it has successfully\nconverted certain advances previously made by a director of the\nCompany into a long-term debenture that defers repayment for 2 years.\n During 2023, the director made advances to fund drilling programs at\nSalvadora during challenging periods in the capital markets.\n \n \n On August 29, 2023, the Company issued a $500,000 principal amount\nnon-convertible debenture to the director. The debenture is\nnon-convertible and matures in 2 years (August 31, 2025) and accrues\ninterest at a rate of 8% per annum.\n \n \n Commenting on having completed the conversion, Gordon Aldcorn, the\nCompany’s VP of Business Development commented: “This conversion\nof outstanding debt to a long-term obligation allows the Company to\nallocate future capital raises directly to corporate funding\nrequirements that includes a Phase 5 drill program at Salvadora”.\n \n \n “The Company wishes to acknowledge the significance of the advances\nhaving been made that provided the capital needed to advance the\nrecent drill programs on Salvadora - including the recently completed\nPhase 4 drilling program which offset the discovery hole identified in\nthe 2022 Phase 3 drilling program.”\n \n \n For further information on the Company, readers are referred to the\nCompany's website at\n \n \n www.sanlorenzogold.com\n \n \n and\nits Canadian regulatory filings on SEDAR at\n \n \n www.sedar.com\n \n \n .\n \n \n \n About San Lorenzo Gold Corp.\n \n \n \n San Lorenzo Gold is involved in the exploration and advancement of\nmineral properties – currently all in Chile. Those properties are\n100% owned, and include Salvadora, Nancagua and Punta Alta.\n \n \n The Salvadora property is subject of a recent Phase 4 drill program\n(see the Company’s press releases dated June 15 and August 3, 2023).\n  Assay results are expected during September.  The property is on\ntrend with the El Salvador mine located 15km to the ...