San Gold Announces Secured Loan (IMHO, If the SAN GOLD mining Team is working with a little high grade gold $$$) There is HOPE!
Bob if you are in Manhattan or even NY NY; I don't think you should continue reading this note?
2 hours ago - ACQUIREMEDIA
/NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
WINNIPEG, Jan. 23, 2015 /CNW/ - San Gold Corporation (TSX: SGR) ("San Gold" or the "Company") announces that it has obtained a secured loan in the amount of US$991,212 from an investor managed by B Asset Manager LP (the "Lender"). The loan is evidenced by a secured demand promissory note (the "Note") issued to the Lender by San Gold. The Note is secured by a debtor-in-possession charge granted to the Lender over all of the assets of San Gold. The Note bears interest in the amount of 14% per annum and interest is payable monthly, in advance. The Note is repayable on demand or in certain other circumstances at the option of the Lender. The Note is not convertible into other securities of San Gold.
This Note is in addition to three notes issued previously by San Gold to an investor managed by
B Asset Manager LP.
The Lender has also reached an agreement with San Gold to provide one additional loan in the amount of US$423,902 on or about February 6, 2015 on the same terms, subject to the Lender's approval at that time.
The net proceeds from the sale of the Note will be used by San Gold to fund its operations.
Greg Gibson finding financing when you really need it is always a tough slog; now if only you can entice your San Gold miners to do their absolute best for about 3 months. There will be a soft golden glimmer at the end of this lengthy tunnel. I cannot wait to see you destroy the Bay and Wall Street estimates or lack of for this quarter via San Gold.
Sincerely,
GPB
PS. Good Luck, work as a team and let's hope the POG at least holds.
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