This last news, a LOI for a $8M-US loan at very reasonable rate is interesting in these somber times. Monies for Carmi and to get the 49% from St.Elias mines ($500K).
from that news:"...
The LOI is not a loan commitment at this point. The potential loan will be an asset-backed collateral loan, backed by the assets of the company, with the primary asset being the Carmi molybdenum project, located in south-central British Columbia, Canada. The potential loan would be prime plus 4 per cent, with a repayment time of up to 36 months, with further extensions available up to 60 months at 1 per cent per annum, plus the closing rate. The loan, if made, would be incrementally disbursed to Hi Ho Silver, as determined by a drawdown schedule submitted by the company. Hi Ho Silver is not committed to utilizing the entire loan, and will only access funds according to the disbursement schedule, the related needs of the company and defined use of proceeds.
The company has paid a $20,000 (U.S.) fee to NYG to conduct due diligence, and for acquisition and senior portion fees. If the potential loan does proceed, there will be additional finder's fees that will be payable to finders. The NYG has also agreed that, in the event no detailed term sheet is issued or varies greatly from the quotes within the LOI, the $20,000 (U.S.) fee will be fully refunded to Hi Ho Silver..."
Something to watch closely...
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