PNN:CC - Pambili Secures US$250000 Convertible Loan
(TheNewswire)
CALGARY, Canada – TheNewswire - August 31, 2023 - Pambili Natural ResourcesCorporation (" Pambili " or the " Corporation ")(TSXV:PNN) is pleased to announce that it has secured a US$250,000 convertible loan (the “Loan”) through an agreement with anarms-length third party (“Lender”). Theproceeds of the Loan will be used by the Corporation for generalworking capital.
The Corporation has already received the firstUS$150,000 from the Lender and the balance is expected before the endof September. The Loan has a term of six-months from the date ofreceipt of the final tranche (“Term”) and repayment includes apremium of US$75,000. The total repayment of US$325,000(“Settlement”) will be satisfied through theissue of Pambili shares at the higher of C$0.05 or the price set inthe next Private Placement or Public Offering (should such an offeringclose within the Term), it being a condition of the Loan that theCorporation will proceed with the one for ten share consolidationapproved at the last special meeting of the shareholder. On Settlementthe Lender will also receive Warrants issued at the same rate as thoseissued to any Private Placement participants.
The Loan and the Settlement are bothsubject to approval by the TSX-V .
Pambili CEO Jon Harris commented: “We are delighted that the Lender notonly believes in our vision for a gold consolidation strategy inZimbabwe but is also prepared to provide the financial supportrequired to execute that vision. I would like to thank the Lender forthat support, and we look forward to working closely with them who,through the Settlement, will have a vested interest in our futuresuccess.”
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 activities in Zimbabwe. Theseforward-looking statements are subject to numerous risks anduncertainties, certain of which are beyond the control of theCorporation, including, but not limited to the impact of generaleconomic conditions, industry conditions, currency fluctuations, anddependence upon regulatory approvals. The Corporation does not assumeany obligation to update the forward-looking statements to reflectchanges in assumptions or circumstances other than as required byapplicable law.
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