Melior Resources, Firestone Ventures Announce Friendly Takeover, Bridge Loan

Melior Resources Inc. (TSXV:MLR)  and Firestone Ventures Inc. (TSXV:FV) announced that they have entered into a letter of intent regarding a friendly takeover of Firestone by Melior, and that Melior has offered Firestone a bridge loan of up to C$500,000.

As quoted in the press release:

Melior and Firestone have entered into a revolving credit facility pursuant to which Melior has agreed, subject to the satisfaction of certain conditions, to provide Firestone up to $500,000 for certain stipulated corporate purposes. The Bridge Loan matures on January 4, 2014 and bears interest at a rate of 20% per annum.

To view the whole press release, click here.