Business
San Lorenzo Announces Non-Dilutive Funding for Cerro Blanco Drilling
(TheNewswire) CALGARY – TheNewswire - November 19 , 2024 - San Lor...
About this update from San Lorenzo Gold Corp
[{"type":"text","content":"San Lorenzo Announces Non-Dilutive Funding for Cerro Blanco Drilling\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n CALGARY –\n \n\n TheNewswire -\n \n\n November\n \n\n 19\n \n\n ,\n2024 -\n \n San Lorenzo Gold Corp. (\"\n \n San Lorenzo\n \n \" or the \"\n \n Company\n \n \") (TSXV: SLG)\nannounces\n \n the implementation of a credit facility to\nfund an upcoming Cerro Blanco drilling program.\n \n\n\n\n The Credit Facility\n \n\n\n During August 2023, the Company converted $500,000 of advances\npreviously made by a director and officer into a 2 year debenture (see\nSan Lorenzo press release dated August 29, 2023).\n \n\n With the Debenture maturing in less than 1 year, that same officer and\ndirector has agreed to\n \n\n\n i)\n \n Convert the Debenture into a 2-year credit\nfacility bearing interest at the same rate of 8%; and\n \n\n\n ii)\n \n Increase the amount that can be drawn on\nthe credit facility to $1,000,000.\n \n\n The increase in the amount available to be drawn under the credit\nfacility will allow for preparation and commencement of a drilling\nprogram focused on the high-impact Cerro Blanco target at Salvadora.\n The Company has completed the construction of road access and three\ndrill pads at the Cerro Blanco lithocap target.  New exposures in the\nroadcut were mapped and sampled and results from this sampling will be\nreported as they become available.  Drill permits have been applied\nfor and receipt is expected imminently.  San Lorenzo will provide\nmore details on the upcoming drill program in a follow up release.\n \n\n Al Kroontje, Chairman of San Lorenzo commented that “the increase in\nthe credit facility allows us to test a target we have wanted to drill\nfor years.  Funding it with this facility underscores our commitment\nto minimize dilution to shareholders and afford them maximum leverage\nto good exploration results”.\n \n\n Subject to TSX Venture Exchange approval, the facility will be\nconvertible into common shares of the Company at a price of $0.20 per\nshare for a period of 2 years.  Conversion may be implemented by\neither the holder or by San Lorenzo provided that San Lorenzo may only\nforce conversion if its common shares trade on the facilities of the\nTSX Venture Exchange at a volume weighted average trading price for 20\ndays...