Aldrin Resource Corp. (TSXV:ALN) announced that it was secured a debt financing of $150,000 from non-arms’-length parties. The loan will be for one year, and bears interest at the rate of 12% per annum, calculated and compounded annually and paid quarterly.
As quoted in the press release:
Aldrin Resource Corp. has secured working capital debt financing of $150,000 from non-arm’s-length parties. The proceeds will be expended on the recently acquired Key Lake property and for general working capital purposes. The loan will be for a term of one year and bears interest at the rate of 12 per cent per annum, calculated and compounded annually and paid quarterly. As an inducement to grant the loan, Aldrin will issue the lenders 122,448 common shares of Aldrin, which are equal to 20 per cent of the principal amount of the loan at a deemed price of 24.5 cents per share. The shares will be subject to a hold period expiring four months and one day after the date of issuance. The loan is subject to regulatory approval.
Click here to read the Aldrin Resource Corp. (TSXV:ALN) press release
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