Owner
Post by Franko10 ™ on Dec 6, 2007 7:57:17 GMT -5
Morgain Negotiates $500,000 Bridge Loan
Vancouver, BC, June 14, 2007 – Morgain Minerals Inc. (the “Company”) (TSX-V: MGM) announces it has entered into loan agreements with a director and officer of Morgain and an arm’s length third party (collectively the “Lenders”) pursuant to which the Lenders have advanced to Morgain an aggregate of Cdn $500,000 (the “Loan”).
The Loan, which is subject to regulatory acceptance, is unsecured, nonconvertible and non-interest bearing. It is repayable on the earlier of five days following the completion of the sale to Virgin Metals Inc. of Morgain’s 100% ownership interest in the Cuatro Hermanos mining claims located in Sonora, Mexico (the “Transaction”) (as announced on May 18, 2007) and 60 days following receipt of a demand from the Lenders, subject to any earlier repayment by Morgain. In lieu of payment of interest on the Loan, Morgain has agreed to issue to the Lenders warrants to purchase an aggregate of 100,000 common shares exercisable at a price of $0.27 per share for a period of two years from the date of issuance of the warrants. Shares issued on exercise of the warrants are subject to a four month hold period under applicable Canadian securities laws. The proceeds of the Loan will be used for working capital purposes and to fund Morgain’s ongoing operations until the completion of the Transaction.
About Morgain Minerals Inc.
Morgain Minerals Inc. is an emerging gold producer focused 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.
ON BEHALF OF MORGAIN MINERALS INC.
Christopher E. Babsmall thingy
President and CEO
For further information, please contact:
Coal Harbour Communications Inc. – (604) 662-4505 or Toll-free 1-877-642-6200.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
Vancouver, BC, June 14, 2007 – Morgain Minerals Inc. (the “Company”) (TSX-V: MGM) announces it has entered into loan agreements with a director and officer of Morgain and an arm’s length third party (collectively the “Lenders”) pursuant to which the Lenders have advanced to Morgain an aggregate of Cdn $500,000 (the “Loan”).
The Loan, which is subject to regulatory acceptance, is unsecured, nonconvertible and non-interest bearing. It is repayable on the earlier of five days following the completion of the sale to Virgin Metals Inc. of Morgain’s 100% ownership interest in the Cuatro Hermanos mining claims located in Sonora, Mexico (the “Transaction”) (as announced on May 18, 2007) and 60 days following receipt of a demand from the Lenders, subject to any earlier repayment by Morgain. In lieu of payment of interest on the Loan, Morgain has agreed to issue to the Lenders warrants to purchase an aggregate of 100,000 common shares exercisable at a price of $0.27 per share for a period of two years from the date of issuance of the warrants. Shares issued on exercise of the warrants are subject to a four month hold period under applicable Canadian securities laws. The proceeds of the Loan will be used for working capital purposes and to fund Morgain’s ongoing operations until the completion of the Transaction.
About Morgain Minerals Inc.
Morgain Minerals Inc. is an emerging gold producer focused 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.
ON BEHALF OF MORGAIN MINERALS INC.
Christopher E. Babsmall thingy
President and CEO
For further information, please contact:
Coal Harbour Communications Inc. – (604) 662-4505 or Toll-free 1-877-642-6200.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
