VANCOUVER, BC / ACCESSWIRE / September 13, 2024 / Aton Resources Inc. (TSX-V:AAN) ("Aton" or the "Corporation") announces that it has entered into an additional bridge loan (the "Loan") with OU Moonrider ("Moonrider"), a significant shareholder of the Corporation.
The Loan
The Corporation has entered into a loan agreement (the "Loan Agreement") whereby it may borrow up to C$10.0 million from Moonrider, in a series of advances (the "Loan"). Each advance made under the Loan Agreement is repayable on the earlier of twelve months from each advance transfer from Moonrider to the Corporation or on the occurrence of various standard events of default. Any funds received from any other debt or equity financings in the Corporation in excess of C$5.0 million will be applied to the repayment of the Loan. The Loan will bear interest at a rate of 12% per annum, payable when the Loan is due. As of the date of this news release, the Corporation has drawn down C$4.5 million of the Loan.
The Loan is unsecured, and no securities will be issued in connection with the Loan.
The proceeds of the Loan will be used by the Corporation for working capital as well as funding ongoing exploration and upcoming drilling, and for ongoing mineral resource estimate and technical studies by external consultants in the lead up to the anticipated production of gold at the Abu Marawat Concession. With the Loan, the current total indebtedness of the Corporation to Moonrider totals C$6,811,370.
For further information regarding Aton Resources Inc., please visit us at www.atonresources.com or contact:
Tonno Vahk
CEO
Tel: +1 604 318 0390
Email: [email protected]
SOURCE: Aton Resources, Inc.
View the original press release on accesswire.com
