VANCOUVER, April 19, 2016 /CNW/ - Heatherdale Resources Ltd. ("Heatherdale" or the "Company") (TSXV:HTR) announces that it has entered into a $60,000 Loan Agreement (the "Loan") with an unrelated lender (the "Lender").
The Loan is unsecured and will bear interest at a rate of 12% per annum. At any time prior to the Maturity Date (April 19, 2018) by prior written notice to Heatherdale, the Lender may in its sole discretion elect to convert all, but not less than all, of the indebtedness to a number of Shares of the Company at a conversion price of $0.05/Share during the first twelve months after the date of the Loan and $0.10/Share from twelve months after the date of the Loan to the Maturity Date.
The Loan will be used by the Company for working capital.
About Heatherdale & the Niblack Project
Heatherdale Resources Ltd. is a Vancouver-based exploration and development company focused on advancing its copper-gold-zinc-silver mine development opportunity at the Niblack Project.
On behalf of the Board of Directors
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". Forward looking statements include statements with respect to the Loan, grants of security and issuance of securities contemplated by this release and the likelihood that such transaction will complete, and the Company's ability to repay the Loan or any of its debts or liabilities that are now or hereafter become due for payment. All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the company expects are forward-looking statements. Although the Company believes the expectations expressed in forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. The Company cannot guarantee that the Loans, grants of security and issuance of securities contemplated by this release will complete or that any required approval of the TSX Venture Exchange will be received. There is no certainty that the Company will be able to repay the Loans or any other outstanding debt or liability of the Company in a timely manner or at all. Assumptions used by the Company to develop forward-looking statements include the following: the Niblack project will obtain all required environmental and other permits and all land use and other licenses, studies and exploration of the Niblack project will continue to be positive, and no geological or technical problems will occur. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, potential environmental issues or liabilities associated with exploration, development and mining activities, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
SOURCE Heatherdale Resources Ltd.
For further information: on Heatherdale, visit the Company's website at www.heatherdaleresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.