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NV Gold announces secured loan terms with John Watson, issuing a $50,000 Secured Loan and a share pledge agreement securing $400,000 in total loans. The loans bear 12% interest and have specific maturity dates. The company pledges all common shares of NV Gold USA as security. The transactions are related party transactions under MI 61-101, with exemptions applied. Additionally, the company granted 420,000 stock options at $0.29 per share for five years.
NV Gold annuncia i termini del prestito garantito con John Watson, emettendo un Prestito Garantito di $50,000 e un accordo di pegno azionario che assicura prestiti per un totale di $400,000. I prestiti hanno un interesse del 12% e date di scadenza specifiche. La società impegna tutte le azioni comuni di NV Gold USA come sicurezza. Le transazioni sono operazioni tra parti correlate secondo MI 61-101, con applicate delle esenzioni. Inoltre, la società ha concesso 420,000 opzioni su azioni a $0.29 per azione per cinque anni.
NV Gold anuncia términos de préstamo asegurado con John Watson, emitiendo un Préstamo Asegurado de $50,000 y un acuerdo de garantía de acciones asegurando préstamos por un total de $400,000. Los préstamos devengan un 12% de interés y tienen fechas de vencimiento específicas. La compañía garantiza todas las acciones comunes de NV Gold USA como seguridad. Las transacciones son operaciones entre partes relacionadas según MI 61-101, con exenciones aplicadas. Adicionalmente, la empresa otorgó 420,000 opciones de acciones a $0.29 por acción durante cinco años.
NV Gold는 John Watson과의 보안 대출 조건을 발표하며 $50,000의 보안 대출과 총 $400,000의 대출을 확보하는 주식 담보 계약을 체결했습니다. 대출은 12%의 이자를 부과하고 구체적인 만기일이 있습니다. 회사는 NV Gold USA의 모든 보통주를 담보로 제공합니다. 이 거래는 MI 61-101에 따른 관련 당사자 거래이며, 면제가 적용됩니다. 또한 회사는 5년 동안 주당 $0.29에 420,000주의 주식 옵션을 부여했습니다.
NV Gold annonce les termes d'un prêt sécurisé avec John Watson, émettant un prêt sécurisé de $50,000 et un accord de nantissement d'actions sécurisant des prêts d'un total de $400,000. Les prêts portent intérêt à 12% et ont des dates d'échéance spécifiques. La société engage toutes les actions ordinaires de NV Gold USA en tant que sécurité. Les transactions sont des transactions entre parties liées selon MI 61-101, avec des exemptions appliquées. De plus, la société a accordé 420,000 options d'achat d'actions à $0.29 par action pour cinq ans.
NV Gold gibt die Bedingungen für ein gesichertes Darlehen mit John Watson bekannt, mit der Ausgabe eines gesicherten Darlehens über $50,000 und einer Aktienverpfändungsvereinbarung, die Darlehen in Höhe von insgesamt $400,000 absichert. Die Darlehen tragen 12% Zinsen und haben spezifische Fälligkeitsdaten. Die Firma verpfändet alle Stammaktien von NV Gold USA als Sicherheit. Die Transaktionen sind verwandte Parteitransaktionen unter MI 61-101, mit angewandten Ausnahmen. Zusätzlich hat das Unternehmen 420,000 Aktienoptionen zu einem Preis von $0.29 pro Aktie für fünf Jahre gewährt.
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VANCOUVER, BC / ACCESSWIRE / April 19, 2024 / NV Gold Corporation (TSXV:NVX)(OTCQB:NVGLF)(FSE:8NV) ("NV Gold" or the "Company") announces that that it has entered into (i) a secured loan agreement with John Watson (the "Lender") pursuant to which the Lender provided a loan to the Company in the principal amount of US$50,000 (the "Secured Loan") and (ii) a share pledge agreement with the Lender, which secures an aggregate principal amount of US$400,000 in loans provided to the Company by the Lender to date, as described herein.
The Company previously entered into loan agreements with the Lender on June 26, 2023, July 10, 2023, September 18, 2023 and January 22, 2024, pursuant to which the Lender provided the Company with loans in the aggregate principal amount of US$350,000 (the "Prior Loans" and together with the Secured Loan, the "Loans").
Each of the Loans bears interest at a rate of 12% per annum, compounded annually, and have a maturity date which is the earlier of one year from the effective date of the applicable loan agreement and the date the Lender demands repayment of the applicable Loan.
As security for the aggregate principal amount of the Loans and the Company's performance under each loan agreement, the Company and the Lender entered into a share pledge agreement. Pursuant to the share pledge agreement, the Company pledged to the Lender all of the issued and outstanding common shares of NV Gold Corporation (USA), Inc. (the "NV Gold USA"), a wholly-owned subsidiary of the Company, which holds the Company's mineral projects and lease agreements in the United States.
Multilateral Instrument 61-101 The issuance of the Loans and entering into of the share pledge agreement are each a "related party transaction" under Multilateral Instrument 61-101- Protection of Minority Security Holders in Special Transactions ("MI 61-101") as the Lender is an insider of the Company. The Company has relied on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(f) of MI 61-101 on the basis that the transactions did not exceed 25% of the fair market value of the Company's market capitalization and the Loans are on reasonable commercial terms that are not less advantageous to the Company than if the Loans were obtained from a person dealing at arm's length with the Company. The Company did not file a material change report more than 21 days before the entering into of the share pledge agreement as the terms of the share pledge agreement were not settled until shortly prior to execution and the Company and the parties wished to close the share pledge agreement on an expedited basis for sound business reasons.
Stock Option Grant Effective April 19, 2024 the Company granted an aggregate of 420,000 stock options to certain directors, officers and employees of the Company at a price of $0.29 per share for a period of five years. The options are subject to regulatory approval and are granted under the Company's stock option plan.
About NV Gold Corporation NV Gold owns 100% interest in 21 mineral exploration projects in Nevada, USA, comprising 639 mining claims totalling 53.4 square kilometers (20.6 square miles). The Company is based in Vancouver, British Columbia, and is focused on delivering value through mineral discoveries in Nevada. Leveraging its expansive property portfolio, its highly experienced in-house technical team, its extensive geological data library, and the recent increase in the price of gold, 2024 is expected to be highly productive for NV Gold.
On behalf of the Board of Directors,
John Watson, President, Chairman, CEO and Director For further information, visit the Company's website at www.nvgoldcorp.com or contact:
Freeform Communications at 604.245.0054
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.
What are the details of the secured loan announced by NV Gold with John Watson?
NV Gold announced a secured loan agreement with John Watson for a principal amount of US$50,000. The loan bears 12% interest and has a specific maturity date.
What is the purpose of the share pledge agreement mentioned in the press release by NV Gold ?
The share pledge agreement secures an aggregate principal amount of US$400,000 in loans provided to the company by John Watson. It pledges all common shares of NV Gold USA as security.
Why are the transactions related to the loans considered related party transactions under MI 61-101?
The transactions are related party transactions under MI 61-101 as John Watson is an insider of NV Gold
How many stock options were granted by NV Gold in the recent announcement?
NV Gold granted 420,000 stock options to certain directors, officers, and employees at a price of $0.29 per share for a period of five years.
Under what conditions are the stock options granted by NV Gold subject to?
The stock options granted by NV Gold at $0.29 per share for a period of five years are subject to regulatory approval and are granted under the company's stock option plan.
