08:41:32 EDT Thu 28 Mar 2024
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El Tigre Silver Corp
Symbol ELS
Shares Issued 62,895,900
Close 2015-05-19 C$ 0.14
Market Cap C$ 8,805,426
Recent Sedar Documents

El Tigre to borrow $457,000 from directors

2015-05-22 19:19 ET - News Release

Mr. Wade Anderson reports

EL TIGRE ANNOUNCES LOAN AGREEMENTS AND ISSUANCE OF BONUS SHARES

El Tigre Silver Corp. has entered into loan agreements with Wade Anderson, the chief executive officer and a director of the company, for an amount of $130,000, Ron Hodgson, a director of the company, for an amount of $165,000, Carl Rosenau, a director of the company, for an amount of $100,000, and Ernie Elko, a director of the company, for an amount of $62,000, for a total loaned amount of $457,000.

Each of the loans will bear interest at a rate of 10 per cent per annum, commencing on the date such loan was advanced to the company, and the maturity date for each loan will be May 21, 2016.

As consideration for providing the loans, the lenders will receive the maximum number of bonus shares allowable under TSX Venture Exchange Policy 5.1 (loans, loan bonuses, finder's fees and commissions), anticipated to be a maximum of 652,857 common shares as at the date of this news release. The bonus shares will be issued on a prorated basis to each lender, based on the amount loaned by each lender. In the event that any issuance of bonus shares would result in the creation of any of the lenders as a new control person of the company, such issuance will be subject to the company having received the requisite shareholder approval. The issuance of bonus shares will be subject to the company receiving all necessary prior approvals from the TSX-V. All bonus shares will be subject to a four-month hold period from the date of issuance in accordance with applicable securities law.

We seek Safe Harbor.

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