Business
Visionary Gold Corp. Announces Related Party Loan
(TheNewswire) Vancouver, B C - TheNewswire - February 10, 2023 - Vi...
About this update from Visionary Metals Corp
[{"type":"text","content":"Visionary Gold Corp. Announces Related Party Loan\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, B\n \n \n C\n \n \n -\n \n \n TheNewswire -\n \n \n \n \n February\n10, 2023 -\n \n \n Visionary Gold Corp.\n \n \n (TSXV:VIZ)\n \n \n (\"\n \n \n Visionary\n \n \n \" or the \"\n \n \n Company\n \n \n \")  has entered into an unsecured\n promissory note (the \"\n \n \n Promissory Note\n \n \n \") to borrow USD$350,000\n(the \"\n \n \n Loan\n \n \n \") from Wes Adams (the \"\n \n \n Lender\n \n \n \"). The\nprincipal amount of the Loan under the Promissory Note shall bear\ninterest at a rate of 2.0% per annum and the Loan shall mature on the\ndate that is 12 months from the date of the Promissory Note. The Loan\nmay be paid at any time without notice, bonus or penalty.\n \n \n \n \n The proceeds of the Loan will be used to fund the\nCompany's 2023 exploration program and for general working capital\npurposes.\n \n \n \n \n The Lender is a director and the Chief Executive\nOfficer of the Company. Accordingly, the Loan is considered a\n\"related party transaction\" under Multilateral Instrument\n61-101 –\n \n \n Protection of\nMinority Securityholders in Special Transactions\n \n \n (\"\n \n \n MI\n61-101\n \n \n \"). The Company intends to rely on\nexemptions from the valuation and the minority approval requirements\nof MI 61-101 provided for in subsections 5.5(a) and 5.7(1)(a) of MI\n61-101, respectively, as the fair market value of the Loan does not\nrepresent more than 25% of the Company's market capitalization as\ndetermined in accordance with MI 61-101. The Loan has been provided on\nreasonable commercial terms that are not less advantageous to the\nCompany than if it were obtained from an arm's length party. The Loan\nhas been approved by the directors of the Company who are independent\nin connection with the Loan.\n \n \n \n \n The Company did not file a material change report more\nthan 21 days before the expected closing of the Loan, as the details\nof the Loan were not finalized until immediately prior to the closing\nand the Company wished to close the transaction as soon as practicable\nfor sound business reasons.\n \n \n \n \n This news release does not constitute an offer of\nsecurities for sale in the United States. The securities being offered\nhave not been, nor wi...