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TORONTO, ONTARIO--(Marketwired - Oct. 8, 2015) - A.B. Aterra Resources Ltd. ("Aterra") announces that Silver Bear Resources Inc. ("Silver Bear") has issued to Aterra, in a private placement, a convertible promissory note (the "Promissory Note") in the principal amount of $2,310,000. The Promissory Note bears interest at 15% per annum and the principal and all accrued and unpaid interest are due at maturity on December 31, 2015. Silver Bear may not pay interest on, nor may Aterra convert, the Promissory Note until Silver Bear has received minority shareholder approval in respect of the Promissory Note under Toronto Stock Exchange rules and applicable securities laws. Upon such shareholder approval being obtained, Aterra will have the right to convert the outstanding principal amount of the Promissory Note and all accrued and unpaid interest into common shares of Silver Bear at a conversion price equal to $0.075 per share, subject to adjustment. |
