El Tigre Silver Corp. Announces Loan Agreements and Issuance of Bonus Shares
23.05.2015 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwired - May 22, 2015) - El Tigre Silver Corp. ("El Tigre" or the "Company") (TSX VENTURE:ELS) (FRANKFURT:5RT) (OTCQX:EGRTF) wishes to announce that it has entered into loan agreements with Wade Anderson, the Chief Executive Officer and a director of the Company for an amount of $130,000, Ron Hodgson, a director of the Company, for an amount of $165,000, Carl Rosenau, a director of the Company, for an amount of $100,000, and Ernie Elko (together with Mr. Anderson, Mr. Rosenau and Mr. Hodgson, the "Lenders"), a director of the Company, for an amount of $62,000 (together, the "Loan Agreements"), for a total loaned amount of $457,000 (the "Loans").Each of the Loans will bear interest at a rate of 10% per annum, commencing on the date such Loan was advanced to the Company, and the maturity date for each Loan will be May 21, 2016.
As consideration for providing the Loans, the Lenders will receive the maximum number of bonus shares allowable under TSX Venture Exchange ("TSXV") Policy 5.1 - Loans, Loan Bonuses, Finder's Fees and Commissions, anticipated to be a maximum of 652,857 common shares as at the date of this news release. The bonus shares will be issued on a pro-rated basis to each Lender, based on the amount loaned by each Lender. In the event that any issuance of bonus shares would result in the creation of any of the Lenders as a new control person of the Company, such issuance will be subject to the Company having received the requisite shareholder approval. The issuance of bonus shares will be subject to the Company receiving all necessary prior approvals from the TSXV. All bonus shares will be subject to a four month hold period from the date of issuance in accordance with applicable securities law.
About El Tigre
The Company, through its subsidiaries, holds the rights to 100% of nine mineral concessions, eight comprising of 215 square kilometres located in north-eastern Sonora, Mexico (the "El Tigre Property"), and approximately 90 kilometres south of the US-Mexico border. El Tigre also holds one additional 32 hectare claim separate from the El Tigre Property. A NI 43-101Technical Report Preliminary Feasibility Study has been prepared for the El Tigre Silver Property and can be found on the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.eltigresilvercorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Wade Anderson
Director and Chief Executive Officer
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable Canadian and United States legislation. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in the Company's public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. Neither the 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 press release.
Contact
El Tigre Silver Corp.
Rob Grace, Corporate Communications
(604) 639-0044
rgrace@eltigresilvercorp.com