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TORONTO, ONTARIO--(Marketwire - Oct. 7, 2010) - Brownstone Ventures Inc. (TSX VENTURE:BWN) ("Brownstone") announces that it has closed its previously announced term loan, whereby it has obtained $3,000,000 in financing in the form of a secured loan. The loan, provided by 2256629 Ontario Ltd., an arm's length private company, is for a one-year term (subject to prepayment) and bears interest at a rate of 12% p.a., payable monthly. The Company's obligations under the loan are secured by a charge over its personal property. As consideration for the loan, Brownstone paid a cash bonus of $300,000 and a facility fee of $30,000 to the lender. |
