Pambili issues bonus shares
CALGARY, Canada (Oct. 7, 2022) — Pambili Natural Resources Corporation ("Pambili" or the "Corporation") (TSX-V: PNN) is pleased to confirm that the TSX-V has approved the application for a Loan Bonus relating to the C$50,000 credit facility (the “Facility”) announced on Sept. 30, 2022.
The Corporation has since drawn down the full Facility against an unsecured Promissory Note which pays annual interest at a rate of 2% above Canadian prime. Together with accrued and unpaid interest, the Promissory Note is due for payment on Dec. 31, 2023.
Accordingly, the Corporation will issue the Lender with 1,000,000 Bonus Shares, being 20% of the Dollar amount of the Facility divided by today’s market price of the Corporation’s common shares ($0.01).
The Bonus Shares will be subject to a four-month-and-one-day hold period from the closing date, under applicable Canadian securities laws.