Duncan Park Enters into Loan Agreement; Assumes Former Partner''s 25% Interest in Dome Joint Venture
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 04/30/15 -- Duncan Park Holdings Corporation (TSX VENTURE: DPH) announced today that it has entered into an unsecured term loan agreement with a non-arm''s length party to borrow $30,000 (the "Loan"). The Loan bears an interest rate of 5% per annum, calculated annually and is due and payable on December 15, 2016.
The Loan was made by Ian McAvity, President, CEO and a director of the Corporation (who is also a 10%+ shareholder). Proceeds from the Loan will be used for working capital purposes and may be prepaid by the Corporation prior to its maturity date without penalty.
The Loan was approved by non-interested directors of the Corporation. A material change report will be filed on SEDAR in accordance with applicable securities law. The report could not be filed at least 21 days prior to closing as material information concerning the Loan was not then known by the Corporation.
The Corporation also announced that Sphere Resource Inc.''s ("Sphere") 25% participating interest in the Dome property joint venture (the "Joint Venture") has transferred to the Corporation. The Corporation deemed Sphere to have withdrawn from the Joint Venture due to its failure to cure a default in a cash call relating to the exploration program on the property. In accordance with the terms of the joint venture agreement between the parties, Sphere''s former 25% interest in the Joint Venture converted to a ten year, 5% Net Profits Interest.
About Duncan Park
Duncan Park is a Toronto-based mineral exploration company exploring for gold and other precious metals in Ontario''s prolific Red Lake gold mining district.
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Duncan Park Holdings Corporation
Ian McAvity
President & CEO
416-203-0860
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Datum: 30.04.2015 - 15:00 Uhr
Sprache: Deutsch
News-ID 1355624
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Mining & Metals
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