Blackrock Announces Loan Transactions
Blackrock Announces Loan Transactions
Vancouver, British Columbia--(Newsfile Corp. - January 16, 2018) - Blackrock Gold Corp. (TSXV: BRC) (the "Company") is
pleased to announce that it has entered into loan agreements with Hendrik van Alphen, Deepak Malhotra and Alistair Waddell
pursuant to which an aggregate of approximately $101,350 (the "
Loan
") has been made available to the Company.
The
Company intends to use the proceeds from the Loan for general working capital purposes.
The loan agreements provide that any outstanding balance of the principal amount of each loan and the interest owing pursuant
to such loan is due and payable to the lenders twelve months from the date of their respective agreement or upon demand after
6 months.
Interest is payable on the outstanding balance of the principal amount of the Loan at the rate of 8% per annum.
In addition, the Company has agreed to issue an aggregate of 1,447,987 bonus warrants to the lenders, each warrant
exercisable at a price of $0.07 per share for a period 12 month from the respective dates of their agreements.
The loan
transactions and the issuance of the bonus warrants are subject to the acceptance of the Exchange.
The loan agreements with Hendrik van Alphen and Deepak Malhotra, both insiders of the Company, constitute "related party
transactions" under Multilateral Instrument 61
101
Protection of Minority Security Holders in Special Transactions
("MI 61
101").
The related party transactions are exempt from the formal valuation requirements of Section 5.4 of MI 61
101
pursuant to subsection 5.5(a) of MI 61
101, and exempt from the minority approval requirements of Section 5.6 of MI 61
101
pursuant to subsection 5.7(1)(a) of MI 61
101, as the fair market value of the transactions do not exceed 25% of the Company's
market capitalization.
A material change report as contemplated by the related party transaction requirements under MI 61-101
was not filed more than 21 days prior to closing of the transactions as fund advances were required shortly after the terms of the
loan were finalized in order to be able to meet the Company's anticipated short-term cash requirements.
For further information, please contact:
"
Greg Schifrin
"
Chief Executive Officer
Blackrock Gold Corp.
Email:
Phone: 1 - 208-290-1180
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