Vancouver, British Columbia – (Newsfile Corp. – August 4, 2021) – Castle Peak Mining Ltd. (TSXV: CAP) (“Castle Peak” or “The Company”) announced that Grizal Enterprises Ltd. (“Grizal”), incorporated in the British Virgin Islands, has agreed to provide the Company with a loan of US $ 425,000 (the “Loan”). The loan will be unsecured, the interest rate will be 8% per annum. The loan principal is due on 26 July 2022.
The loan is subject to approval by the TSX Venture Exchange. The proceeds from the loans will be used to replenish the Company’s working capital.
The loans will be related party transactions in accordance with Multilateral Instrument 61-101 – Protection of Minority Holders in Special Deals (“MI 61-101”), which was adopted by TSX Venture Exchange as Policy 5.9 as Grizal is the existing controlling party. companies. The Company has determined that it is exempt from the minority approval and formal valuation requirements under MI 61-101 in relation to loans, relying on the exceptions specified in sections 5.5 (1) (a) and (b) and 5.7 (1). (a) MI 61-101. The principal amount of loans is less than 25% of the market capitalization of the Company as of 4 August 2021.
The Board of Directors of the Company approved the Loan.
On behalf of the Board of Castle Peak Mining Ltd .:
Chief Financial Officer
WARNING AND OTHER WARNING INFORMATION
Except for statements of historical fact, this press release contains certain “forward-looking information” and “forward-looking statements” within the meaning of the applicable securities laws. This release may contain statements that are forward-looking statements and are subject to various risks and uncertainties related to specific factors disclosed under the heading “Risk Factors” and elsewhere in the Company’s periodic filings with the Canadian securities regulators. Such information contained in this document represents management’s best judgment as of the date of this document based on the information currently available. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements contained in this press release are made as of the date of this release. The Company assumes no obligation to update any forward-looking statements, except as required by law. For more information about the Company, investors should familiarize themselves with the Company’s documents available at www.sedar.com…
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