San Lorenzo Announces Conversion of Shareholder Advances Into 2 Year Non-Convertible Debenture
San Lorenzo Announces Conversion of Shareholder Advances Into 2 Year Non-Convertible Debenture
CALGARY, AB / ACCESSWIRE / August 29, 2022: San Lorenzo Gold Corp. ("San Lorenzo" or the
"Company") (TSXV: SLG) (OTCQB: SNLGF) is pleased to announce that it has successfully converted
certain advances previously made by a director of the Company into a long-term debenture that defers
repayment for 2 years. During 2023, the director made advances to fund drilling programs at Salvadora
during challenging periods in the capital markets.
On August 29, 2023, the Company issued a $500,000 principal amount non-convertible debenture to the
director. The debenture is non-convertible and matures in 2 years (August 31, 2025) and accrues
interest at a rate of 8% per annum.
Commenting on having completed the conversion, Gordon Aldcorn, the Company’s VP of Business
Development commented: “This conversion of outstanding debt to a long-term obligation allows the
Company to allocate future capital raises directly to corporate funding requirements that includes a
Phase 5 drill program at Salvadora”.
“The Company wishes to acknowledge the significance of the advances having been made that provided
the capital needed to advance the recent drill programs on Salvadora - including the recently completed
Phase 4 drilling program which offset the discovery hole identified in the 2022 Phase 3 drilling program.”
For further information on the Company, readers are referred to the Company's website
at www.sanlorenzogold.com and its Canadian regulatory filings on SEDAR at www.sedar.com.
About San Lorenzo Gold Corp.
San Lorenzo Gold is involved in the exploration and advancement of mineral properties – currently all in
Chile. Those properties are 100% owned, and include Salvadora, Nancagua and Punta Alta.
The Salvadora property is subject of a recent Phase 4 drill program (see the Company’s press releases
dated June 15 and August 3, 2023). Assay results are expected during September. The property is on
trend with the El Salvador mine located 15km to the NW which has been in production for over 60
years. The Salvadora property currently has 5 zones of interest with only 3 having been drilled to date.
Salvadora is being explored for large scale copper-gold porphyry targets and high-grade epithermal gold-
silver-copper vein systems.
Nancagua is a high grade mesothermal gold-silver prospect and Punta Alta is an IOCG prospect with
related disseminated and vein style copper-gold-silver-cobalt mineralization.
For further information, please contact:
Gordon Aldcorn, VP Corporate Development
Email: [email protected]
Ph: 403-618-6507
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news
release.
Not for distribution to United States newswire services or for release, publication, distribution or
dissemination directly, or indirectly, in whole or in part, in or into the United States
Cautionary Note Regarding Forward-Looking Information
This press release may contain forward-looking information that involves substantial known and unknown risks and uncertainties,
most of which are beyond the control of San Lorenzo. All statements included herein, other than statements of historical fact, are
forward-looking information. Such forward-looking information involves various risks and uncertainties. There can be no
assurance that such information will prove to be accurate, and actual results and future events could differ materially from those
anticipated in such information. Any forward-looking statements are made as of the date of this release and, other than as
required by applicable securities laws, San Lorenzo does not assume any obligation to update or revise them to reflect new events
or circumstances.