Tuesday, January 12, 2021 8:47:07 PM
Calgary, Alberta--(Newsfile Corp. - January 12, 2021) - Braveheart Resources Inc. (TSXV: BHT) (OTCQB:RIINF) ("Braveheart" or the "Company") is pleased to announce that it has renegotiated terms of its senior secured loan agreement with Matlock Farms Ltd ("Matlock"), a company controlled by Aaron Matlock, a director of Braveheart.
The loan, which has a principal amount of $5,000,000 and was put in place in January 2019, carries an interest of 14.8% for a term of four years. Effective January 19th, 2021, the interest rate will be reduced to 10% for the balance of the loan, which expires on January 19, 2023. The parties have agreed that $780,000 of accrued interest due to Matlock will be settled with the issuance of 6,500,000 common shares of Braveheart, subject to the required approval of the TSX Venture Exchange.
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