Pambili provides an update on promissory notes
CALGARY, Canada (Oct. 7, 2022) — Pambili Natural Resources Corporation ("Pambili" or the "Corporation") (TSX-V: PNN) announces that it has entered into new unsecured Promissory Note agreements (“Notes”) with certain consultants and directors (“Insiders”) to whom the Corporation owes fees for services rendered.
The combined principal amount of these Notes is $163,500 and they each bear annual interest at a rate of 2% above Canadian prime. Together with accrued and unpaid interest, the Notes are due for payment on Dec. 31, 2023.
Pambili has also obtained agreement from five Insiders to reduce the annual interest paid on previous Promissory Notes from 24% to 2% above Canadian prime effective Oct. 1, 2022. The combined principal amount of these Promissory Notes (C$316,498.73), together with accrued and unpaid interest, is due for payment on Dec. 31, 2023. Following this amendment, Pambili will still be paying annual interest of 24% on a single Promissory Note, the Principal amount of which ($137,594), together with accrued and unpaid interest, is also due for payment on Dec. 31, 2023.
CEO Jon Harris commented: “Converting current liabilities to long-term Promissory Notes will improve Pambili’s working capital position, and I would like to thank the Insiders for agreeing to accept the Notes in lieu of payment. I would also like to thank those Insiders who have agreed to the reduction in interest being earned on previously issued Promissory Notes. I believe these actions demonstrate their belief in the long-term success of the Corporation.”