actually, since it is unsecured, someone believed enough in the ongoing deal to lend the money.
so, lumb loans money to lumb and charges the company 12% interest of course we know this will be paid by shares to lumb at a huge discount .. FFGO has no revenue .. its the same game used with the debt to searchlight ..
the never ending enrich the insiders ..
no gold deal .. just another 5 or 10 billion new shares coming ..
loadem em up ..
Fortress Financial Group, Inc. (PINKSHEETS: FFGO) confirms that it has received a new "draw down" line of credit in the amount of US$500,000; effective immediately. This Credit Line is unsecured and bears interest at the rate of 12% per annum. This credit facility is short term and is due and payable on March 30, 2011.
This Credit Line allows the Company to settle immediate term Creditors, Loans and to continue to fund the costs of the Professional Advisors whom are assisting the Company in the sale of its Gold Interests. Additional sums will be expended upon day to day operational costs and to remunerate the new Corporate Communications Director being appointed.
This Credit Line removes the pressure currently upon the Company's Management to agree to terms and conditions in respect of the sale of the Company's Gold Interests; that may not be wholly acceptable given the strength of the Gold price and its strong fundamental outlook. In short, this Credit Line has strengthened the Company's bargaining position substantially.
