CALGARY, March 28 /CNW/ - Vannessa Ventures Ltd. (the "Company") - The
Company is pleased to announce that it has borrowed $Cdn 3,000,000 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
$2,500,000 in loans outstanding which were obtained from Exploram through
financings on June 19 and December 27 of 2006 and a $5,000,000 convertible
debenture maturing on January 31, 2009.
The proceeds of the loan will be used by the Company's wholly owned
subsidiary, Industrias Infinito S.A. ("Infinito") to advance infrastructure
construction, site preparation, detailed engineering, and other activities
associated with the development of the Crucitas gold mine in Costa Rica as
well as to fund general corporate requirements. The Company felt it necessary
to close the transaction expeditiously to enable it to promptly meet
John Morgan, President
Vannessa Ventures Ltd.
"The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release."
For further information:
For further information: Vannessa Ventures Ltd., Suite 220, 1010 - 1st
Street S.W., Calgary, AB, T2R 1K4, Telephone: (403) 444-5191, Fax: (403)