The principal amount will bear interest at a fixed rate of 10 per cent per annum. The Loan is unsecured and the Company did not pay any bonus to SinoTech in connection with the Loan.
The lender is a wholly owned subsidiary of
The Loan is considered a 'related party transaction' under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions. The Loan is exempt from the requirements to obtain a formal valuation pursuant to the exemption in Section 5.5(b) of MI 61-101, as the Company is not listed on a specified market, and is exempt from minority shareholder approval pursuant to Section 5.7(1)(f) of MI 61-101, as the Loan does not have an equity or voting component and is on reasonable commercial terms that are not less advantageous to the Company than if the loan agreement were obtained from an arm's-length party.
On a separate note, the Company is continuing to work towards completion of the option agreement (the 'Option Agreement') entered into with
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Email: tonyguo@nnexploration.com
This news release may contain forward-looking information, which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames, or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within
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