Golden Predator Arranges CDN$300,000 Line of Credit
Vancouver, British columbia (FSCwire) - Golden Predator Mining Corp. (TSX.V: GPY) (the “Company” or “Golden Predator”) announces that William M. Sheriff, Chairman of the Company, has agreed to increase the size of the loan made available to the Company from CDN$79,000 (GPYNR 15-08) to a CDN$300,000 non-revolving line of credit.
The loan will mature in seventeen months and bear interest at a rate of 8% compounded annually, until repaid. The Company will draw on the line of credit from time to time as needed to fund general working capital, excluding management salaries. As of today, the line of credit has an outstanding principal balance of CDN$138,000.
Repayment will be secured by a general security agreement in respect of the Company’s assets, subordinate only to the security granted by the Company’s to Till Capital Ltd. in respect of its Brewery Creek and 3Aces properties (GPYNR 15-09).
The loan is a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is relying on the exemption from the formal valuation requirement in section 5.5(b) of MI 61-101 (as a result of its shares being listed on the TSX Venture Exchange) and the exemption from the minority approval requirement in section in section 5.7(f) of MI 61-101 (as a result of the transaction involving a loan without any equity component).
Golden Predator Mining Corp.
Golden Predator Mining Corp. holds the Brewery Creek Project, a past producing heap leach gold mine with a preliminary economic assessment delivered in Q4 2014. The Company also holds the 3 Aces Gold Project in the Yukon, which it continues to delineate and test, and the Castle West Project in Nevada.
For additional information:
Janet Lee-Sheriff
Chief Executive Officer
(214)304-9552
info@goldenpredator.com
www.goldenpredator.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and the Company’s plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
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Source: Golden Predator Mining Corp. (TSX Venture:GPY) http://www.goldenpredator.com
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