Metallum Resources Inc. Announces Repayment of Belleville Loan
13.02.2015 | Marketwire
TORONTO, Feb 13, 2015 - Metallum Resources Inc. (TSX VENTURE:MRV) (the "Company") announces that it has received repayment of $1.715 million, in settlement of its $1.5 million loan (the "Loan") made to 2390110 Ontario Inc. (the "Borrower"), an arm's length entity incorporated to acquire a property located at 321 University Avenue, Belleville, Ontario (the "Property"). The details of the underlying agreement are included in the Company's November 20, 2013 press release.In addition to interest payments of $135,057 received during the term of the Loan, the Company has received a financing fee of $180,000, and a promissory note ("the Note") for $238,262, representing additional interest. The Note bears interest at a rate of 12% per annum, maturing on December 31, 2015. Furthermore, the Company received an additional $35,000 as repayment of costs associated with the transaction. To date, aggregate interest and financing fees for this loan have amounted to $553,319, or a return on investment of 29.5% (on an annualized basis) for the 15 months this loan was outstanding. The Company is pleased with the return on investment it has been able to achieve for its shareholders.
About Metallum Resources Inc.
Metallum has 70,945,009 common shares outstanding and approximately $6.8 million in cash, a 12% promissory note of $238,262, and no debt. Since Metallum's decision to withdraw from its Option and Joint Venture Agreement relating to the M-18 gold property in Argentina, the board of directors of Metallum has been conducting a strategic review of the direction of the company and is actively evaluating a number of opportunities, with a continued focus on increasing shareholder value.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this news release.
Neither the TSX Venture Exchange Inc. 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.
Contact
Metallum Resources Inc.
Robert Suttie, Interim CEO
(416) 848-6865
rsuttie@marrellisupport.ca