Post by Zoinkers on Jan 6, 2007 2:46:22 GMT -5
Press Release Source: Morgain Minerals Inc.
Morgain Announces Second Amendment to Loan Agreement
Tuesday November 28, 3:31 pm ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 28, 2006) - Morgain Minerals Inc. (TSX VENTURE:MGM - News; the "Company") announced that its loan facility with H. Morgan & Company (see news release dated March 29, 2005), has been increased from $5,000,000 to $7,000,000 of which the Company has drawn down $5,874,000. The loan is not convertible. The principal amount and all accrued interest are due to be repaid in full on November 30, 2011. The Company has the right to pre-pay all or any portion of the principal and accrued interest under the loan at any time without notice or penalty. The loan bears interest at the rate of 12% per annum payable monthly in arrears. The Company has paid all accrued interest as at October 31, 2006, and has negotiated a payment holiday on interest payments from October 31, 2006 to December 30, 2007. On December 31, 2007, all accrued interest on the outstanding loan will become due and payable. The loan is secured by a floating charge on Morgain's assets and a pledge by Morgain of the shares of one of its Mexican subsidiaries.
The proceeds of the original loan amount were used to advance work on Morgain's Castillo gold project and the additional drawdown was used to pay all the interest accrued to October 31, 2006.
About Morgain Minerals Inc.
Morgain Minerals Inc. is a resource exploration company with a number of precious and base metal properties in Mexico. Its corporate strategy is to acquire properties with known resources that can be further developed to production status. Visit Morgain's website www.morgainminerals.com for the latest corporate information.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
Contact:
Richard Adams
Morgain Minerals Inc.
Director and VP Corporate Development
(905) 466-8008
Email: morgain@telus.net
Website: www.morgainminerals.com
Dale Paruk
Coal Harbor Communications Inc.
(604) 662-4505 or Toll Free: 1-877-642-6200
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Source: Morgain Minerals Inc.
Morgain Announces Second Amendment to Loan Agreement
Tuesday November 28, 3:31 pm ET
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 28, 2006) - Morgain Minerals Inc. (TSX VENTURE:MGM - News; the "Company") announced that its loan facility with H. Morgan & Company (see news release dated March 29, 2005), has been increased from $5,000,000 to $7,000,000 of which the Company has drawn down $5,874,000. The loan is not convertible. The principal amount and all accrued interest are due to be repaid in full on November 30, 2011. The Company has the right to pre-pay all or any portion of the principal and accrued interest under the loan at any time without notice or penalty. The loan bears interest at the rate of 12% per annum payable monthly in arrears. The Company has paid all accrued interest as at October 31, 2006, and has negotiated a payment holiday on interest payments from October 31, 2006 to December 30, 2007. On December 31, 2007, all accrued interest on the outstanding loan will become due and payable. The loan is secured by a floating charge on Morgain's assets and a pledge by Morgain of the shares of one of its Mexican subsidiaries.
The proceeds of the original loan amount were used to advance work on Morgain's Castillo gold project and the additional drawdown was used to pay all the interest accrued to October 31, 2006.
About Morgain Minerals Inc.
Morgain Minerals Inc. is a resource exploration company with a number of precious and base metal properties in Mexico. Its corporate strategy is to acquire properties with known resources that can be further developed to production status. Visit Morgain's website www.morgainminerals.com for the latest corporate information.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
Contact:
Richard Adams
Morgain Minerals Inc.
Director and VP Corporate Development
(905) 466-8008
Email: morgain@telus.net
Website: www.morgainminerals.com
Dale Paruk
Coal Harbor Communications Inc.
(604) 662-4505 or Toll Free: 1-877-642-6200
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Source: Morgain Minerals Inc.