CALGARY, July 24 /CNW/ - Infinito Gold Ltd. (the "Company") - The Company
is pleased to announce that it has borrowed $Cdn 2,000,000 from Exploram
Enterprises Ltd. ("Exploram"), its controlling shareholder. Interest is
payable on the loan at a rate of 9.5% per annum, payable monthly and a 3%
structuring fee will be paid by the Company to Exploram. The loan is payable
on demand after September 30, 2008 and is secured by a general security
agreement over the Company's assets. This demand loan is in addition to the
$9,500,000 in loans outstanding which were obtained from Exploram through
financings on June 19 and December 27 of 2006 and on March 27, May 27 and
June 25 of 2008 plus a $5,000,000 convertible debenture maturing on
January 31, 2009.
The proceeds of the loan will be added to working capital. The Company
felt it necessary to close the transaction expeditiously to enable it to
promptly meet development obligations.
John Morgan, President
Infinito Gold Ltd.
"The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release."
For further information:
For further information: Infinito Gold Ltd., Suite 220, 1010 - 1st
Street S.W., Calgary, AB, T2R 1K4, Tel: (403) 444-5191, Fax: (403) 444-5190