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VANCOUVER, BRITISH COLUMBIA TheNewswire - March 17, 2022 : Goldeneye Resources Corp. ( "Goldeneye ") or the " Company ") (TSXV:GOE) announces that the Company entered into a loan agreement with Cache Exploration Inc., a NEX issuer on the TSX Venture Exchange (NEX:CAY.H), under a loan agreement dated May 1, 2021 whereby Goldeneye agreed to lend to Cache Exploration Inc., a loan in the amount of CAD$297,267.00 (the "Loan"), whereupon Cache has agreed to repay the Loan and any interest accrued or charges under the Loan, The Loan bears an interest rate of 5% per annum and the principal amount together with any interest accrued or charges, is to be repaid to Goldeneye within 12 months of the date of the loan agreement.
Both the Company and Cache have certain directors in common. The Loan was approved by the independent directors of Goldeneye.
The Loan was advanced to Cache prior to the completion of the Company's non-brokered private placement announced under news release dated September 27, 2021, whereby the Company issued 6,997,399 units at a price of $0.06 per Unit for gross proceeds of $419,844, each unit comprised of one common share and one-half transferable share purchase warrant, each whole warrant entitling the holder to purchase one common share of the Company at a price of $0.09 per share for three (3) years expiring on September 26, 2024.
The Loan was used to pay certain third party vendors to Cache, specifically, Ollerhead and Associates who performed a geological survey on Cache's Kiyuk Lake Mineral Property.
The Loan was intended to be very short term but as a result of Cache Exploration Inc. being halted and being unable to raise funds, the Loan was not repaid.
The independent directors determined that the Loan was appropriate having regard to the financial circumstances of the Company.
Details of the Loan have been disclosed in the Company's last interim financial report for the six months ended October 31, 2021.
The Company is not issuing any securities, or paying any bonus, commission or finder's fees on the Loan.
The Loan is subject to review and acceptance by the TSX Venture Exchange.
On behalf of the Board of Directors
" Jack Bal"
Jack Bal, Chief Executive Officer
FOR MORE INFORMATION, PLEASE CONTACT:
Jack Bal
Telephone: 604.306.5285
jackbalyvr@gmail.com
Forward-Looking Information
This news release contains certain forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Goldeneye Resources Corp. Loan ("Goldeneye"); the availability of capital for Goldeneye to execute its strategy going forward. Forward-looking statements are based on estimates and assumptions made by Goldeneye in light of its experience and perception of current and expected future developments, as well as other factors that Goldeneye believes are appropriate in the circumstances. Many factors could cause Goldeneye's results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: discrepancies between actual and estimated results from exploration and development and operating risks, dependence on early exploration stage concessions; uninsurable risks; competition; regulatory restrictions, including environmental regulatory restrictions and liability; currency fluctuations; defective title to mineral claims or property and dependence on key employees. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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