Pambili secures US$250,000 convertible loan
Pambili Natural Resources Corporation (TSX-V: PNN) is pleased to announce that it has secured a US$250,000 convertible loan (the “Loan”) through an agreement with an arms-length third party (“Lender”). The proceeds of the Loan will be used by the Corporation for general working capital.
The Corporation has already received the first US$150,000 from the Lender and the balance is expected before the end of September. The Loan has a term of six months from the date of receipt of the final tranche (“Term”) and repayment includes a premium of US$75,000. The total repayment of US$325,000 (“Settlement”) will be satisfied through the issue of Pambili shares at the higher of C$0.05 or the price set in the next Private Placement or Public Offering (should such an offering close within the Term), it being a condition of the Loan that the Corporation will proceed with the one for ten share consolidation approved at the last special meeting of the shareholder. On Settlement the Lender will also receive Warrants issued at the same rate as those issued to any Private Placement participants.
The Loan and the Settlement are both subject to approval by the TSX-V.
Pambili CEO Jon Harris commented: “We are delighted that the Lender not only believes in our vision for a gold consolidation strategy in Zimbabwe but is also prepared to provide the financial support required to execute that vision. I would like to thank the Lender for that support, and we look forward to working closely with them who, through the Settlement, will have a vested interest in our future success.”