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| Home : Northern Gold Announces $5,000,000 Secured Debt Facility and Proposed Share Consolidation |
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Aug 28
2014 |
Northern Gold Announces $5,000,000 Secured Debt Facility and Proposed Share Consolidation |
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TORONTO, ONTARIO--(Marketwired - Aug. 27, 2014) - Northern Gold Mining Inc. (TSX VENTURE:NGM) ("Northern Gold" or the "Company") announces that the Company has signed a term sheet with a third party lender (the "Lender") for a $5,000,000 senior secured debt facility (the "Facility"). The Facility will be drawn in one advance of $5,000,000 (the "Principal Amount") on the effective date, currently scheduled to be September 9, 2014 (the "Effective Date"). The Principal Amount shall accrue interest at a rate of 10% per annum. The Facility matures on the earlier of: (a) the date that is twelve (12) months following the Effective Date and (b) the date all amounts owing under the Facility are voluntarily or mandatorily prepaid (as applicable) in full by the Company to the Lender in accordance with the credit agreement pertaining to the Facility. The Facility is secured against certain assets including the Company's Golden Bear Project located east of Timmins, Ontario (the "Golden Bear Project"). |
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| Source:http://www.marketwired.com/mw/release.do?id=1942169&sourceType=3 |
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