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Gold/Mining/Energy : Spokane Resources V:SKN -- Ignore unavailable to you. Want to Upgrade?

To: georges costanza who wrote (43)6/8/1998 9:44:00 PM
From: John Soileau  Read Replies (1) | Respond to of 51
Check this out:
Kelvin Grove Estates Ltd., a Company controlled by the Chairman of Spokane Resources Ltd. (the "Company"), G. Arnold Armstrong, entered into a Loan Agreement with the Company as announced on December 19, 1997, wherein the Company could draw up to $250,000 by way of a loan from Kelvin Grove Estates Ltd. Due to Mexican administrative delays in the completion of the formal acquisition of the Mexican properties, originally announced on October 16, 1997, the Company has borrowed approximately $670,000 from Kelvin Grove Estates Ltd. in order to advance the Mexican project which is joint ventured with Sand River Resources Ltd.
Kelvin Grove Estates Ltd. and the Company have entered into a Loan Agreement whereby the Company can borrow up to a total of $700,000 from Kelvin Grove Estates Ltd., inclusive of the funds advanced to date, with all funds advanced bearing interest at prime plus 5% per annum. As additional consideration for incurring the risk of advancing the funds, the Company has agreed to grant Kelvin Grove Estates Ltd. a loan bonus of 20% of the total principal amount of the funds advanced, payable in shares of the Company at a deemed price of $0.30 per share. The Agreement remains subject to regulatory approval.

Thanks for the loan terms, they're SO generous to the company.
BTW, how's the billion dollar Mac property doing?