TORONTO, June 16, 2021 (GLOBE NEWSWIRE) – Gowest Gold Ltd. (“Go west“Or the”Business“) (TSX VENTURE: GWA) announced today that it has entered into a loan agreement with Lush Land Investment Canada Inc.Lush land”) With respect to a bridge loan for a principal amount of $ 1,000,000. Gowest will use the loan proceeds for general corporate purposes. Meirong Yuan, a director of Gowest, is also a director of Lush Land.
The bridge loan is due on June 30, 2022. Interest on the daily outstanding principal balance, from time to time, will accrue daily and will be calculated and paid periodically on September 15, 2021, on December 15, 2021, the March 15, 2022 and June 30, 2022, in arrears, at an annual rate of 18%. The bridge loan can be repaid at any time before maturity without penalty.
C. Fraser Elliott, president, commented that “the loan represents a step in an early refinancing of the Corporation.”
Gowest is a Canadian gold exploration and development company focused on the delineation and development of its wholly owned Bradshaw (Bradshaw) gold deposit on the Frankfield property, which is part of the North Timmins Gold Project (NTGP) of the Corporation. Gowest is exploring additional gold targets on its over 100 square kilometer NTGP onshore package and continues to assess the area, which is part of the prolific Timmins, Ontario gold field. Currently, Bradshaw contains an indicated resource from National Instrument 43-101 estimated at 2.1 million tons (“t”) grading 6.19 grams per ton of gold (g / t Au) containing 422 thousand ounces (oz) Au and a Inferred Resource of 3.6 million t with 6.47 g / t Au containing 755 thousand oz Au. In addition, based on the Pre-Feasibility Study produced by Stantec Mining and announced on June 9, 2015, Bradshaw contains Mineral Reserves (Mineral Resources include Mineral Reserves) in the probable category, using a limit of 3 g / t Au and using a gold price of US $ 1,200 / oz, for a total of 1.8 million t grading 4.82 g / t Au per 277 thousand oz Au.
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