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Canada : Bravada Announces Loan Agreements
Publish Date : 24-Sep-2012
Bravada Gold Corporation, announces that it has entered into two loan agreements pursuant to which certain lenders will loan Bravada an aggregate amount of $285,000. Each Loan is repayable on demand, provided that a Lender shall not make demand for repayment of its Loan before 6 months after the date of such Loan. Interest is payable quarterly at a rate of prime plus 2% per annum. At the election of Bravada, interest may be paid by the issuance of common shares in accordance with the Policies of the TSX Venture Exchange. If, at the time a Lender makes demand for repayment of a Loan Bravada is unable or unwilling, in its sole discretion, to repay the loan in cash, Bravada may, subject to TSX Venture Exchange approval, repay the Loan by issuing common shares to the Lender.
As additional consideration of the Loans being granted, Bravada has agreed to grant each Lender a bonus by way of issuing common shares in the capital of Bravada equal to 10% of the loan amount divided by the discounted market price (the “Bonus Sharesâ€). Accordingly, Bravada will issue the Lenders an aggregate of 570,000 Bonus Shares at a deemed price of $0.05 per share. The Bonus Shares will be subject to a hold period of four months and a day from issuance.
