Aton agrees bridge loan, loan extensions with Moonrider
TSX-V-listed Aton Resources has entered into an additional bridge loan with OU Moonrider, which is a significant shareholder of the company.
Aton has borrowed C$1-million from Moonrider, with the loan repayable on the earlier of 12 months from closing, on the occurrence of various standard events of default, or on the closing of any debt or equity financing by the company in an amount in excess of C$5-million.
The loan will bear interest at a rate of 12% a year, payable when the loan is due.
In connection with the loan, Moonrider will be issued bonus warrants upon each drawdown on the loan, entitling it to acquire common shares of Aton.
An initial drawdown under the loan of C$391 140 has been completed, entitling Moonrider to 1.3-million bonus warrants.
The loan and the issuance of the bonus warrants is subject to the approval of the TSX-V.
The proceeds of the loan will be used by Aton for ongoing working capital expenses and to continue its drilling programme at the Rodruin exploration prospect in the Abu Marawat concession in Egypt.
Further, Moonrider has also agreed to extend the maturity date of various previous loans to Aton that have not been repaid by their originally agreed maturity dates, to June 30, 2023.
The cumulative amount owed, inclusive of interest, under the loans that are subject to these extensions is about $4.2-million.
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