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| Home : Detector Exploration Ltd.: Extension of Due Date for Loan From Related Party |
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Jul 07
2011 |
Detector Exploration Ltd.: Extension of Due Date for Loan From Related Party |
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CALGARY, ALBERTA--(Marketwire - July 6, 2011) - Detector Exploration Ltd. ("Detector") (TSX VENTURE:DEX) announces that Detector has approved the amendment of the terms of a prior $250,000 demand loan made by 422331 Alberta Inc. by extending the due date from April 30, 2011 to April 30, 2012. 422331 Alberta Inc. is a "related party" to Detector because 422331 Alberta Inc. is controlled by Ronald E. Alexander (a director, officer and significant shareholder of Detector). The loan by 422331 is an unsecured loan, is not convertible into shares or other securities of Detector and bears interest at 10% per annum with interest paid on overdue and unpaid interest, which terms the Board of Directors of Detector has concluded constitute commercial terms that are not less advantageous to Detector than if the loan or credit facility were obtained from a person dealing at arm's length with Detector. |
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| Source:http://www.marketwire.com/mw/release.do?id=1535027&sourceType=3 |
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