Gowest Gold entered into a loan agreement with Lush Land Investment Canada in respect of a bridge loan in the principal amount of $1 million for working capital. The loan matures on Oct. 31, 2022. Interest on the outstanding principal balance shall accrue daily and be calculated, in arrears, at the rate of 10% per annum. The bridge loan may be repaid at any time prior to maturity without penalty. Meirong Yuan, a director of Gowest, holds 25% of Lush Land Investment Canada.
“This loan is assisting us as we finalize our review of the revised mining and exploration plans, all in preparation for a near-term restart of operations at our wholly-owned Bradshaw Gold Deposit,” Dan Gagnon, president and CEO of Gowest, said.
