Indico Resources Announces Closing of Convertible Loan Facility
Vancouver, January 18, 2024 - Indico Resources Ltd. (TSXV: IDI.H) (the "Company") is pleased to announce that, pursuant to its news releases dated November 29, 2023 and January 10, 2024, the Company has closed on a $60,000 convertible loan facility, in order to pay outstanding account and exchange related fees (the "Convertible Loan"). The Convertible Loan carries an interest rate of 25% per annum, and will be payable on a date to be determined after the Company's next financing, but will be no later than September 22, 2027. Lenders shall have the option to convert the balance of the principal amount into common shares of the Company ("Shares"), at a price of $0.20 per Share (the "Conversion Price"). Additionally, the lenders will have the option to convert any accrued interest into Shares at a price that is the greater of: (i) the Conversion Price; or (ii) the market price of the Shares on the NEX board of the TSX Venture Exchange (the "Exchange") at the time the accrued interest becomes payable. Any payment of accrued interest in Shares will be subject to prior approval of the Exchange. Certain lenders of the Convertible Loan are non-arm's length to the Company. The Exchange have provided conditional approval for the Convertible Loan.
About Indico Resources Ltd.
Indico is a mineral resource exploration company focused on the discovery and exploration of porphyry copper gold deposits.
On behalf of Indico Resources Ltd.,
Brian Kerzner
Chief Executive Officer
For further information, please contact:
Brian Kerzner
brian@kerzner.ca
Scott M. Ross
sross@indicoresources.com
604-803-4883
"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."
Forward-looking Statements: Certain statements in this press release are "forward-looking statements" which reflect the Company's current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. In some cases, these forward-looking statements can be identified by words or phrases such as "may", "might", "will", "expect", "anticipate", "estimate", "intend", "plan", "indicate", "seek", "believe", "estimates", "predicts" or "likely", or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including without limitation, those risks and uncertainties discussed elsewhere in the Company's filings on SEDAR+. Forward-looking statements may include but are not limited to, final approval by the Exchange of the Convertible Loan facility. Investors should not place undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date hereof and is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/194808