Rockhaven Resources Ltd. Announces Credit Facility
25.06.2015 | FSCwire
Vancouver, British Columbia (FSCwire) - Rockhaven Resources Ltd. (TSX-V: RK) ("Rockhaven") announces that Strategic Metals Ltd. (“Strategic”), Rockhaven’s largest shareholder, has agreed to provide Rockhaven with a credit facility of up to $2,000,000, which may be drawn down in one or more tranches at Rockhaven’s election. This credit facility will provide Rockhaven with the ability to significantly expand the 2015 drilling and engineering program at its road accessible Klaza property, located in southwestern Yukon.Amounts drawn down under the credit facility will bear interest at the rate of 10% per annum from the date of each advance, with the principal amount of all advances, together with interest thereon, to be repayable either in cash or in common shares of Rockhaven at Rockhaven’s sole election and discretion on or before December 31, 2016.
In the event Rockhaven elects to repay the principal amount of advances in shares, they will be issued at a deemed price per share equal to the volume-weighted average trading price of Rockhaven’s shares for the ten trading days immediately prior to the date of each advance, subject to the minimum deemed price per share provided for in TSX Venture Exchange Policy 4.3 (“Shares for Debt”). In the event Rockhaven elects to pay the interest on advances in shares, they will be issued at the minimum deemed price per share provided for in said Policy 4.3.
As additional consideration for providing the credit facility, Rockhaven has agreed to issue, subject to TSX Venture Exchange acceptance, 200,000 bonus shares to Strategic pursuant to the Exchange’s Policy 5.1 (“Loans, Loan Bonuses, Finder’s Fees and Commissions”).
About Rockhaven Resources Ltd.
Rockhaven is a well-funded exploration company with a portfolio of 100% owned gold-silver projects located in Yukon Territory. It is concentrating exploration at its principal project, the Klaza Property, which hosts an initial inferred mineral resource as reported in January 2015. Its other projects are available for option, joint venture or sale. For additional information related to Rockhaven or its various exploration projects please visit Rockhaven's website at www.rockhavenresources.com or contact:
Rockhaven Resources Ltd.
Matthew Turner, CEO and Director
T: (604) 688-2568
mturner@rockhavenresources.com