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| Home : Barkerville Completes Loan Agreement |
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Dec 06
2012 |
Barkerville Completes Loan Agreement |
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 5, 2012) - Barkerville Gold Mines Ltd. (TSX VENTURE:BGM)(FRANKFURT:IWUB) ("Barkerville" or the "Company") is pleased to announce that it has now completed its previously disclosed secured loan agreement with Mr. Frank Callaghan (the "Lender") in accordance with the terms of that certain partial revocation order (the "PRO") that was issued by the British Columbia Securities Commission (the "BCSC") on November 13, 2012. Pursuant to the secured loan agreement, the Lender has now agreed to advance, from time to time as it may determine and by way of a loan or loans (collectively, the "Loan") to the Company, the aggregate principal sum of up to $2,441,820 (the "Principal Sum"), and which Principal Sum shall bear interest commencing on the date of any such Loan at the simple interest rate of 20% per annum with all such interest to be payable in full to the Lender on repayment of the Principal Sum which shall be at or before 5:00 p.m. (Vancouver time) on the date which is six months from the date of any such Loan. The interest rate shall be reduced to 10% after one year should any Loan remain outstanding for a period of one year from the date of advancement. As security for the due and punctual repayment of the Principal Sum and any interest thereon, the Company has agreed to provide the Lender with a duly executed debenture, security agreement and such other security documentation as may be required by the Lender and its counsel, acting reasonably. |
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| Source:http://www.marketwire.com/mw/release.do?id=1734327&sourceType=3 |
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