Augusta Gold Corp. announces that it has extended the maturity date (the “Maturity Date“) of its loan (the “Loan“) with Augusta Investments Inc. (the “Lender“) to April 30, 2025 (the “Extension“). The Company also agreed to pay an extension fee to the Lender of US$71,748.00 (the “Extension Fee“).
In connection with the Extension, the Lender will loan to the Company US$5,479,941.03 (the “Additional Loan Amount“), an amount equal to all interest and fees payable on the loan under the Loan through September 30, 2024 (including the amount of the Extension Fee), which the Company will immediately repay to the Lender in full satisfaction of all interest and fees payable through September 30th, 2024.
All interest payable from October 1st, 2024 through the Maturity Date, will not become due and payable under the Loan until the Company obtains approval for the payment of such interest from the disinterested shareholders of the Company in accordance with the requirements of the Toronto Stock Exchange (the “TSX“). If the Company does not obtain the necessary approval from the Company’s disinterested shareholders by April 30th, 2025, then at any time immediately following such date until such approval from the Company’s disinterested shareholders is obtained, the principal amount outstanding under the Loan will become immediately due and payable in full upon delivery of written notice by the Lender to the Company making demand for immediate payment of the Loan.
