2022-09-30 | TSXV:PNN | Press release
(TheNewswire)
CALGARY, Canada – TheNewswire – September 30, 2022 — Pambili Natural Resources Corporation (“Pambili“or the”society“) (TSXV:PNN) is pleased to announce that it has secured a CA$50,000 credit facility (the “Facility”) through a loan agreement with Mr. Welcome Sandawana, a non-credit lender non-arm’s length (“Ready””) based in Johannesburg, South Africa. The proceeds of the facility will be used by the Company for general working capital purposes.
The Company will avail itself of the facility by way of separate loan drawdowns (“tranches”), the minimum tranche being C$5,000 (five thousand Canadian dollars). The aggregate total of Tranches at any time will constitute the “Loan.” The loan bears interest annually at a rate 2% above the Canadian prime rate (expressly not compounded) and, together with accrued and unpaid interest, is due December 31, 2023.
Pambili will also pay a loan premium to the lender based on 20% of the facility in common stock of the company (“free shares””). The specific number of free shares issued from time to time will be calculated as 20% of the dollar amount of each tranche divided by the market price of the Company’s common stock on the date of the press release announcing the drawing down of that tranche.
The facility is available for Pambili until December 31, 2022, after which no further tranches will be available.
Both the loan and the related loan premium are subject to TSX-V approval..
CEO Jon Harris commented: “We thank the lender for providing this facility to Pambili. Access to additional funds will accelerate our development of the Happy Valley mine in Zimbabwe without the need to re-enter the market in the short term. We look forward to working closely collaboration with the lender who, through the bonus shares, will have a vested interest in our future success.”
Pambili also announces that it has signed an unsecured promissory note (“Note”) with Sea Ar Enterprises, a company controlled by Mr. Ray Gertz, director of the Company, for the principal amount of $25,000. The note bears annual interest at 2% above the Canadian prime rate (expressly not compounded) and, together with accrued and unpaid interest, must be paid on December 31, 2023.
About Pambili Natural Resources Corporation: Pambili Natural Resources Corporation is a natural resources exploration and development company (www.pambilinrc.com) currently active in Zimbabwe and the province of Alberta.
For more information, contact:
Pambili Natural Resources Corporation
Jon Harris (CEO)
J: 403 277 4421
E: jon.harris@pambilinrc.com
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 release.
Caution Regarding Forward-Looking Information Forward-Looking Statements – Certain information in this press release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. Forward-looking statements are often, but not always, identified by words such as “believes”, “may”, “likely”, “plans”, or similar words. Forward-looking statements included in this press release include statements regarding work to be carried out at the Happy Valley mine in Zimbabwe These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company’s control, including, but not limited to, the impact of general economic conditions, industry conditions, currency fluctuations and dependence on regulatory approvals.The Company undertakes no obligation to update forward-looking statements to reflect changes in assumptions or circumstances other than those required byright.
[NOT FOR DISTRIBUTION TO U.S. NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES]
Copyright (c) 2022 TheNewswire – All Rights Reserved.
