Replies to post #70254 on Copper King Mining Corporation fka CPRKQ

[XBladeRob]

Looks like our financing might finally be in the right hands. :-) Thank you, Chuck.

[ChuckD-MSB]

Doc 475 lays out the terms/conditions for this order, here are some relevant sections

9. The proposed financing is relatively simple. With the exception of the Lessor Payment, the Lender has no obligation to pay any further funds to the Debtors, but may do so
pursuant to 11 U.S.C. § 364(c)(1) in an amount not to exceed a total amount of $400,000.00 inclusive of the Lessor Payment.

Any sums advanced by the Lender pursuant to the
proposed order attached hereto as Exhibit “1” shall be (a) entitled to super-priority administrative expense status in accordance with 11 U.S.C. § 364(c)(1), with priority over
any or all administrative expenses of the kind specified in 11 U.S.C. § 503(b) or 507(b), (b)
with such claim being junior only to any allowed super-priority administrative expense claim
that may be asserted by Altus Metals, LLC against Western Utah Copper Company pursuant
to the orders that have previously been entered in this case. By agreeing to such treatment,
the Lender is not stipulating that there is any such claim and reserves all of its rights regarding the allowance of any claim senior in priority to its proposed claim under the Loan.
Any and all sums advanced by the Lender pursuant to the proposed order, including any sums that are paid by the Lender directly to a vendor on the Debtors’ behalf, shall be itemized by the Debtors in their Monthly Operating Reports that are filed with the Court.

10. The Lender shall have no obligation to fund any expense payments unless it determines that it is appropriate to do so, but the Lender will provide funds to make the
payments under the Leases required to be made to extend the deadline to assume or reject the
Leases. The Debtor understands that, when appropriate, the Lender will want to make payments directly to vendors on the Debtors’ behalf and that this will be considered an
extension of credit under the terms of the Loan. Furthermore, to get funding, the Debtors will need to give the Lender sufficient notice of the need for cash so that a decision to fund
can be appropriately vetted. All requests for funding will require the Debtors to show the specific vendor for which payment is sought (including copies of any invoices), the rationale
for making the payment at the time requested, and that the Debtors do not have sufficient cash to make the payment. Separate accounting should be kept by the Debtors of the
payments made by the Lender and attached to the Debtors’ monthly operating reports.

Finally, if cash is requested to employ consultants, such as environmental or mining consultants, the Lenders will not provide funding unless the Committee of Equity Security
Holders has been given the opportunity to determine that the consultant is one that it approves.