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Nickel North Exploration (TSX-V:NNX) (the “Company” or “Nickel North”) is pleased to announce that the Company has entered into an amendment agreement (the “Amendment”) with SinoTech (Hong Kong) Corporation Limited (the “Lender”) to further extend the repayment term of the loan to the Company to June 30, 2018, while also increasing the principal amount of …
Nickel North Exploration (TSX-V:NNX) (the “Company” or “Nickel North”) is pleased to announce that the Company has entered into an amendment agreement (the “Amendment”) with SinoTech (Hong Kong) Corporation Limited (the “Lender”) to further extend the repayment term of the loan to the Company to June 30, 2018, while also increasing the principal amount of the loan to $600,000 (the “Principal Amount”).
The Principal Amount comprises the initial amount of the loan, interest accrued on the loan, and the remaining amount that will be advanced to the Company.
The Principal will bear interest at a fixed rate of 8% per annum.
All other terms and conditions of initial loan agreement between the Company and the Lender dated November 2, 2016 remain in force and are unamended except to the extent amended by the parties.
The proceeds of the Amendment are expected to be used by the Company for the daily operation and paying the current liabilities.