Indico Resources Ltd. (TSXV:IDI) has arranged a loan in the amount of $550,000 from a director of Indico to complete the balance of the 2014 option payment due on its Ocaña Copper Porphyry Project. The loan has also been arranged to provide additional short-term working capital.

As quoted in the press release:

The loan has a term of one year from the date of the advance of funds, is unsecured and interest free. As consideration for the advance of the loan, the lender will receive 1,833,333 common shares of the Company at a deemed price of $0.06 per common share. The bonus shares will be subject to a hold period of four months and a day from issuance.

Click here to read the Indico Resources Ltd. (TSXV:IDI) press release

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