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Barkerville Gold Mines Ltd. (TSXV:BGM) announced that it received a partial revocation order (PRO) from the cease trade order that was issued by the British Columbia Securities Commission in August. The PRO allows Barkerville to receive a loan from Frank Callaghan, the company’s president and CEO.
Barkerville Gold Mines Ltd. (TSXV:BGM) announced that it received a partial revocation order (PRO) from the cease trade order that was issued by the British Columbia Securities Commission in August. The PRO allows Barkerville to receive a loan from Frank Callaghan, the company’s president and CEO.
As quoted in the press release:
In accordance with the terms of the contemplated loan by Mr. Callaghan to the Company, which is subject to TSX Venture Exchange approval, Mr. Callaghan has agreed to advance from time to time as he may determine by way of a loan or loans (collectively, the “Loan”) the aggregate principal sum of up to $2,441,820 (the “Principal Sum”), which shall bear interest commencing on the date of any such Loan at the simple interest rate of 20% per annum with all such interest to be payable in full to Mr. Callaghan on repayment of the Principal Sum which shall be at or before 5:00 p.m. (Vancouver time) on the date which is six months from the date of any such Loan.
The proceeds from the Loan will be used to (i) satisfy minimum overhead expenses to sustain operations, (ii) satisfy minimum wages, consulting fees and benefits, (iii) satisfy costs related to completing the National Instrument 43-101 technical report (the “Report”) required in accordance with the CTO, (iv) pay trade accounts payable related to the Report, and (v) pay past due payroll remittances.
Click here to read the full Barkerville Gold Mines Ltd. (TSXV:BGM) press release.
