Algold Resources Ltd. (TSXV:ALG) announced that it has entered into a secured credit agreement with a consortium of lenders to establish a short-term loan facility for gross proceeds of $5 million on July 13, 2018. The transaction will include participation from Downtown Special Situations Holdings, LLC, BPM Capital Trust I, Saiso Partners LLC, Capital Drilling Limited (LSE:CAPD), Delaware Street Capital Master Fund, L.P., and DSC Advisors, L.P. The loan has a term of one year and bears interest at an annual rate of 15%. The company has also issued to the lenders a total of 12,756,470 common shares, subject to a four-month hold period. The transaction is subject to the approval of the TSX Venture Exchange.