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| Home : Prince Resources Corporation Announces Loan Agreement |
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Oct 13
2016 |
Prince Resources Corporation Announces Loan Agreement |
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CALGARY, AB--(Marketwired - October 12, 2016) - Prince Resources Corporation (the "Company" or " PRC") (TSX VENTURE: PNR.H) announces that it has entered into a loan agreement (the "Loan Agreement") Sept 27, 2016 with the Company's director, Ho Yu Kuen Tammy, and the following companies affiliated with Mr. Ho (collectively the "Affiliates"): (i) Global Int'l Petrochemicals Ltd.; (ii) Global international Petrochemicals (HK) Limited; and (iii) Intellimax Capital Ltd. The Loan Agreement effectively consolidates all debts of the Company which are owing to Mr. Ho and the Affiliates. As at the date of the Loan Agreement, the aggregate of these debts is $2,280,533.17, which includes all amounts previously advanced by Mr. Ho pursuant to a Second Director's Bridge Loan Agreement dated May 2, 2012 (and predecessor agreements) (the "Director's Bridge Loan"), cash compensation owing to Mr. Ho in respect thereof (and in lieu of interest), and all additional amounts advanced by Mr. Ho and the Affiliates from time to time under no specific written agreement. |
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| Source:http://www.marketwired.com/mw/release.do?id=2166146&sourceType=3 |
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