Business
Canyon Enters into Loan Agreement with Metamin Enterprises Inc.
VANCOUVER, BC / ACCESSWIRE / May 3, 2016 / Canyon Copper Corp. (TSXV: CNC) ("Canyon") announ...
About this update from Searchlight Resources Inc.
[{"type":"text","content":"Canyon Enters into Loan Agreement with Metamin Enterprises Inc.VANCOUVER, BC / ACCESSWIRE / May 3, 2016 / Canyon Copper Corp. (TSXV: CNC) (\"Canyon\") announces that it has entered into a loan agreement with Metamin Enterprises Inc. (\"Metamin\") and has extended a previous loan from Ainsworth Jenkins Holdings Inc. (\"AJH\"). Both Metamin and AJH are companies controlled by Benjamin Ainsworth, the President and CEO of Canyon.\nLoan Agreement\nCanyon has entered into a loan agreement with Metamin dated effective May 3, 2016, whereby Metamin has agreed to loan Canyon CAD $50,000 for a period of two years at an interest rate of 10% per annum.\nAs additional consideration of the loan, Canyon has agreed to issue 200,000 common shares (\"Bonus Shares\") to the Metamin on the first anniversary of the loan agreement.\nThe loan agreement and the Bonus Shares are subject to the acceptance of the TSX Venture Exchange.\nThe loan will be used for working capital purposes.\nLoan Extension\nCanyon also announces that it has entered an amendment agreement (the \"Amendment Agreement\") amending the terms of the loan agreement between Canyon and AJH (see press release dated April 29, 2015). Under the terms of the Amendment Agreement, Canyon has extended the maturity date of the CAD $250,000 loan from April 28, 2016 to April 28, 2018.\nOn behalf of the Board of Directors,\n\"Benjamin Ainsworth\"\nCANYON COPPER CORP.\nBenjamin Ainsworth, President\nContact:\nCanyon Copper Corp.\nInvestor Relations\n(604) 331-9326\n(604) 684-9365 (FAX)\[email protected]\nCautionary Statement Regarding Forward Looking Information\nThis News Release may contain, in addition to historical information, forward-looking statements. These forward-looking statements are identified by their use of terms and phases such as \"believe,\" \"expect,\" \"plan,\" \"anticipate\" and similar expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from Canyon's expectations, and expressly does not undertake any duty to update forward-looking statements. These factors include, but are not limited to the following, limited operating history, proposed exploration and/or drill programs and other factors wh...