VAL-D’OR, Quebec, July 26, 2018 (GLOBE NEWSWIRE) — Metanor Resources Inc. (the “Corporation“) (TSX-V:MTO) announces that it has entered into a loan agreement (the “Loan”) with Bonterra Resources Inc., (“Bonterra”) which provides for the immediate advance of $4,000,000, by Bonterra, to be used by Metanor for general working capital purposes. The Loan bears interest at the rate of 10% per year (compounded monthly) and is repayable upon the earlier of six months from the date of the Loan or upon demand. The Loan has been secured by way of hypothec on Metanor’s Barry property.
Greg Gibson, Chairman and & interim CEO, stated: “This loan, on terms more favorable to those prevailing in the market, brings us closer to removing the 20% gold stream on the Bachelor property and allows us to continue with the development of our assets as we move towards building a new company with Bonterra.”
The Transaction with Bonterra
Bonterra and Metanor have entered into a definitive arrangement agreement, dated July 20, 2018 (the “Arrangement Agreement”) to combine Bonterra and Metanor to create an exciting new advanced Canadian gold exploration and development company focused on becoming the leader in the building out and future mining development of the Urban Barry Quebec Gold Camp. Please refer to the press release dated July 23, 2018 for details on the Arrangement Agreement available at www.sedar.ca.
Metanor Resources Inc. is an emerging gold producer having its main assets, the Bachelor Mine and the Barry project, in addition to over 15,000 ha of exploration property, located in the mining-friendly jurisdiction of Quebec in the heart of the Urban-Barry Camp.
Cautionary and Forward-Looking Statements
Except for statements of historical fact, this news release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” occur. Although Metanor believes that the expectations reflected in the forward-looking statements are reasonable, such as the completion of the Arrangement Agreement transaction with Bonterra, there can be no assurance that such expectation will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements.
Neither the TSX Venture Exchange, nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
For more information, please contact:
Pascal Hamelin, President & COO
2872, Sullivan Rd, suite 2
Val-d’Or, QC J9P 0B9
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