Urbangold Minerals Inc. has received an unsecured loan in the amount of $500,000 from a non-related party. The loan bears an annual interest rate of 8 per cent, payable quarterly in cash.
The principal amount of the loan shall be repaid to the lender at the latest on Jan. 31, 2021. It is agreed, however, that the principal amount will be payable by Urbangold to the lender as soon as possible but not later than three business days following the recovery of the Quebec refundable tax credits for resources for its fiscal year ended May 31, 2020. Urbangold may at any time repay, in full or in part, the loan without penalty or other costs. No commission or finder's fee were paid in relation to the loan financing.
About Urbangold Minerals Inc.
Urbangold is a federally incorporated gold and base metals exploration company operating in Quebec, Canada.