Hunter Bay Minerals Enters into Assignment and Loan Agreement with Pacific LNG
19.11.2014 | The Newswire
London, November 19, 2014 - Hunter Bay Minerals Plc ("Hunter Bay") (TSX-V: HBY) announces that it has entered into an assignment and loan agreement with Professional Trading S.A. ("PTS") and Pacific LNG Operations Ltd. ("Pacific LNG") whereby (i) PTS assigned to Pacific LNG all of its right, title and interest in loans advanced to Hunter Bay totalling CAD $550,000 plus interest accrued thereon (the "Assigned Loan"), and (ii) Pacific LNG agreed to loan an additional CAD $150,000 to Hunter Bay (the "New Loan" and together with the Assigned Loan, the "Loans"). Under the terms of the assignment and loan agreement, the Loans will bear interest at a rate of 10% per annum and be due and payable on November 18, 2015.Additionally, as a bonus of Pacific LNG agreeing to loan Hunter Bay CAD $150,000, Hunter Bay has agreed to issue to Pacific LNG 600,000 ordinary shares of Hunter Bay at a deemed price of $0.05 per share.
The Loans will be secured by a pledge of the shares of its Kudray S.A., a Uruguay company, which holds a 70% interest in the Sela Creek Project and Hunter Bay Resources Inc., a federal corporation, which holds title to the Great Bear Lake Properties.
The Assignment and Loan Agreement and the transactions contemplated therein are subject to the acceptance of the TSX Venture Exchange.
The proceeds of the New Loan will be used for general working capital purposes.
About Hunter Bay
Hunter Bay is engaged in the acquisition, exploration and development of mineral resource properties located in South America and Canada. Hunter Bay's lead project is the Sela Creek Project, located in Suriname, in which Hunter Bay owns a seventy percent (70%) interest and an option to acquire an additional ten percent (10%) interest. Hunter Bay also owns a one-hundred percent (100%) interest in the Great Bear Lake Properties located in the eastern side of Great Bear Lake, NWT, Canada.
For additional information please contact:
Hunter Bay Minerals plc
Suite 880, 580 Hornby Street
Vancouver, BC V6C 3B6
Keith Minty, CEO and director
Phone: (289) 242-8858
Email: keith@otl.co.za
Forward-Looking Statements: Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Hunter Bay cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Hunter Bay's control. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Hunter Bay undertakes no obligation to publicly update or revise forward-looking information.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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