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January 19, 2025 TheNewswire - Vancouver, British Columbia - Gold Basin Resources Corporation (the "Company", "Gold Basin") (TSX-V GXX, OTCQB: GXXFF) announces an update to terms on a loan by Charrua Capital LLC. ("Charrua").
Gold Basin Resources obtained an unsecured loan with Charrua Capital LLC. (USA) in 2024 for Five Hundred Thousand US dollars (USD $500,000) at an interest rate of 15% per annum to provide short-term working capital. The loan was provided on an arm's length basis.
Since the loan was drawn, interest obligations of approximately One Hundred and Seventeen Thousand dollars (USD 117,652) have accrued, bringing the total outstanding loan amount to Six Hundred and Seventeen Thousand, Six Hundred Fifty-Two Dollars (USD $617,652).
Update on Terms
Charrua Capital LLC. (USA) has agreed to forbear exercising its rights and remedies under the Loan Agreement until 31 March 2026.
Under the terms of forbearance, Charrua has agreed to reduce the interest rate on the loan from 15% to 9% through the period 1 January 2026 until 31 March 2026.
Furthermore, the loan is no longer unsecured, with Charrua amending terms to place security against the 100%-owned private minerals parcels in the Gold Basin Project (shown in yellow on Map 1, below) during the forbearance period, which will be removed when payments resume to the satisfaction of Charrua Capital LLC.
Click Image To View Full Size
The parcels under security are listed shown above in yellow. These parcels are mostly undrilled, except for an area that covers part of the mineralisation defined at the Stealth Deposit.
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ABOUT GOLD BASIN RESOURCES CORPORATION
Gold Basin Resources Corporation is advancing the Gold Basin Project, located in the tier one mining jurisdiction of Mohave County, Arizona. Gold Basin is accessible year-round via a 1.5-hour-drive on Highway I-93 southeast of Las Vegas, and high-power electrical lines from the Hoover Dam crosscut the southern Project area. The immediate focus of Gold Basin's highly experienced technical team is to expand and delineate multiple at-surface oxide gold deposits and prove the project's district-scale potential. For further information, please visit the Company's web site at: www.goldbasincorp.com.
On Behalf of the Board of Directors
Charles Straw
President, Director & interim CEO
Neither 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 news release.
FORWARD-LOOKING STATEMENTS:
This news release contains forward-looking statements and forward-looking information (collectively, "forward looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, future assay results from further programs, future plans for drilling at the Stealth Deposit, the Company's expectation that it will be successful in enacting its business plans, and the anticipated business plans and timing of future activities of the Company, are forward looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company's projects in a timely manner, the availability of financing on suitable terms for the exploration and development of the Company's projects and the Company's ability to comply with environmental, health and safety laws. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the inability of the Company to obtain the necessary financing required to conduct its business and affairs, as currently contemplated, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including by the TSX Venture Exchange, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in the Company's latest Management's Discussion and Analysis and filed with certain securities commissions in Canada. All of the Company's Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.
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