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Calvista Gold Corporation (TSX:CVZ,OTCQX:CAGOF) announced it has entered into a binding term sheet for a US $3 million loan commitment from Marret Asset Management Inc.
The Commitment contemplates a loan of up to US $3 million, secured by a first lien, bearing interest at an initial rate of 10% upon closing and having an initial term of one year from the first draw date.
Under the terms of the Commitment, Calvista may, at its option, draw the loan in multiples of US $1.5 million or US $3 million in total, on or before January 31, 2013. The Company may also, at its option, extend the maturity date by one year, subject to an initial 2% increase in the interest rate after the first year.
Click here to read the Calvista Gold (TSX:CVZ,OTCQX:CAGOF) press release
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