PNN:CC - Pambili Secures C$50000 Credit Facility
(TheNewswire)
CALGARY, Canada – TheNewswire - Sept. 30, 2022 —Pambili Natural Resources Corporation (" Pambili " or the" Corporation ") (TSXV:PNN) is pleased to announce that it has secureda C$50,000 credit facility (the “Facility”) through a loanagreement with Mr. Welcome Sandawana, an arm’s-length lender(“Lender”) based in Johannesburg, South Africa. The proceeds of the Facility will be used by the Corporationfor general working capital purposes.
The Corporation will avail of the Facility by way ofseparate loan drawdowns (“Tranches”), with the minimum Tranchebeing C$5,000 (five thousand Canadian Dollars). The cumulative totalof the Tranches at any time will constitute the “Loan.” The Loanbears annual interest at a rate of 2% above Canadian prime (expresslynot compounded) and together, with accrued and unpaid interest, is duefor payment on Dec. 31, 2023.
Pambili will also pay a Loan Bonus to the Lender basedon 20% of the Facility by way of common shares in the Corporation(“Bonus Shares”). The specific number of Bonus Shares issued fromtime to time will be calculated as 20% of the dollar amount of eachTranche divided by the market price of the Corporation’s commonshares on the date of the news release announcing the drawdown of suchTranche.
The Facility is available to Pambili until Dec. 31,2022, after which no further Tranches will be available.
The Loan and the associated LoanBonus are both subject to approval by the TSX-V .
CEO Jon Harris commented: “We thank the Lender for providing thisFacility to Pambili. Access to additional funds will accelerate ourdevelopment of the Happy Valley Mine in Zimbabwe without the need togo back to the market in the short term. We look forward to workingclosely with the Lender who, through the Bonus Shares, will have avested interest in our future success.”
Pambili also announces that it has signed an unsecured Promissory Note (”Note”) with Sea ArEnterprises, a company controlled by Mr. RayGertz, a Director of the Corporation, for the principal amount of$25,000. The Note bears annual interest at arate of 2% above Canadian prime (expressly not compounded) and,together with accrued and unpaid interest, is due for payment on Dec.31, 2023.
About Pambili Natural ResourcesCorporation: Pambili Natural ResourcesCorporation is a natural resources exploration and development company( www.pambilinrc.com ) currentlyactive in Zimbabwe and in the province of Alberta.
For further information,contact:
Pambili NaturalResources Corporation
T : 403 2774421
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Caution Regarding Forward-Looking InformationForward-looking statements - Certain information set forth in thisnews release may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Forward-lookingstatements are often, but not always, identified by words such as“believes”, “may”, “likely”, “plans”, or similarwords. Forward- looking statements included in this news releaseinclude statements with respect to work to be done on the Happy Valleymine in Zimbabwe. These forward-looking statements are subject tonumerous risks and uncertainties, certain of which are beyond thecontrol of the Corporation, including, but not limited to the impactof general economic conditions, industry conditions, currencyfluctuations, and dependence upon regulatory approvals. TheCorporation does not assume any obligation to update theforward-looking statements to reflect changes in assumptions orcircumstances other than as required by applicable law.
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