A.I.S. Resources extends loans
2022-11-18 21:04 ET – News Release
Mr. Martyn Element reports
A.I.S. RESOURCES ANNOUNCES LOAN EXTENSIONS
A.I.S. Resources Ltd. has agreed in principle with two arm’s-length lenders to extend by five months the term of the lenders’ loans to the company.
The Company entered into loan agreements with the arms-length lenders in November, 2021 for loans in the aggregate amount of $250,000, maturing one year from the date of the respective loan agreements. The loans bore interest at the rate of 6% per annum. An aggregate of 3,000,000 common share purchase warrants were issued in connection with the loans, expiring concurrently with the term of the loans.
The lenders have agreed to extend the term of their respective loans for a period of five months, at an interest rate of 9.5% per annum.
In consideration of the loan extensions, the Company will grant an aggregate of 8,333,333 Bonus Warrants to the lenders. Each Bonus Warrant will entitle the holder to purchase one common share of the Company at an exercise price of $0.03 per share for one year. The Bonus Warrants and underlying common shares will be subject to a trading hold period expiring four months from the date of issue, under applicable securities law.
The loan extension and warrant issuance are subject to TSXV acceptance.
About A.I.S. Resources Limited
A.I.S. Resources Limited is a publicly traded investment issuer listed on the TSX Venture Exchange focused on lithium, gold, precious and base metals exploration. AIS’ value add strategy is to acquire prospective exploration projects and enhance their value by better defining the mineral resource with a view to attracting joint venture partners and enhancing the value of our portfolio. The Company is managed by a team of experienced geologists and investment bankers, with a track-record of successful capital markets achievements.
AIS owns 100% of the 28 sq km Fosterville-Toolleen Gold Project located 9.9 km from Kirkland Lake’s Fosterville gold mine, a 60% interest in the 57 sq km Bright Gold Project (with the right to acquire 100%), a 40% interest in the 58 sq km New South Wales Yalgogrin Gold Project, and 100% interest in the 167 sq km Kingston Gold Project in Victoria Australia near Stawell and Navarre. AIS has a 20% joint venture interest with Spey Resources Corp. in the Incahuasi lithium brine project in Argentina. AIS has further options to acquire four lithium concessions in the Pocitos Salar and one lithium concession in the Cauchari Salar in Argentina. AIS has granted the option to acquire the Pocitos 1 and 2 licences to Spey Resources by June 30, 2023. If exercised AIS will retain a 7.5% royalty. AIS has granted an option to acquire an 80% interest in the Pocitos 7 and 9 licences to C29 Resources by June 30, 2023.
We seek Safe Harbor.
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