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GB Minerals (TSXV:GB) announced that it has received advances from Aterra Investments and Alpha Infrastructure for a combined total of $750,000. According to the company, it intends to repay the advances through other financings and will use the proceeds of the advances for expenses and development of the Farim phosphate mineral property.
GB Minerals (TSXV:GB) announced that it has received advances from Aterra Investments and Alpha Infrastructure for a combined total of $750,000. According to the company, it intends to repay the advances through other financings and will use the proceeds of the advances for expenses and development of the Farim phosphate mineral property.
According to the press release:
The advances are evidenced by promissory notes that are pre-payable, in whole or in part, at any time, bearing interest at a rate of 15% per year and maturing on April 30, 2015 (the “Promissory Notes”). The Company intends to repay the advances through other financings and will use the proceeds of the advances in the interim for expenses and development of the Company’s Farim phosphate mineral property, to meet the Company’s financial obligations and operational commitments, funding litigation as against GBM Minerals Engineering Consultants Limited and for additional working capital.