Mr. John Rickard reports
TILL CAPITAL ANNOUNCES LOAN TO SILVER PREDATOR AND NOVATION OF REINSURANCE CONTRACTS
Till Capital Ltd., the majority shareholder of Silver Predator Corp., has signed a promissory note issued by Silver Predator to Till, in conjunction with which Till will advance $100,000 (U.S.) of the note principal to Silver Predator on Aug. 28, 2015. The principal on the note is $275,000 (U.S.), which amount represents the maximum that Silver Predator may borrow, but is not obligated to do so. The annual interest rate on any balance on the note is 12 per cent.
Till also announces that it has novated two reinsurance contracts held by its wholly owned subsidiary Resource Re Ltd. to Multi-Strat Re, a Bermuda-based reinsurance company. The total dollar value of the novated agreements is $5.3-million. The novation releases Resource Re from its liabilities under these reinsurance contracts.
We seek Safe Harbor.
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