Waymar Resources Amends Promissory Note with Continental Gold
March 05 2014 - 7:19PM
Marketwired
Waymar Resources Amends Promissory Note with Continental Gold
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 5, 2014) -
Waymar Resources Ltd. (TSX-VENTURE:WYM) (the "Company" or "Waymar")
announces that it has amended its US$500,000 principal amount loan
agreement (the "Original Loan") with Continental Gold Limited
("Continental"), pursuant to an amended and restated promissory
note (the "Amended and Restated Promissory Note"). The Original
Loan was due to expire on March 1, 2014, and the Amended and
Restated Promissory Note provides for an extension of the maturity
date until September 1, 2014. In exchange for the amendment, the
Company shall issue 1,200,000 share purchase warrants to
Continental (the "Warrants"), each entitling Continental to acquire
one common share of the Company at an exercise price of $0.125 for
a period of two years, subject to the accelerated expiry provision
below.
The Warrants are exercisable until 5:00 p.m. (Vancouver time) on
March 5, 2016, provided that if, at any time following the date
which is four months and one day after the Warrant issue date, the
closing price of the Company's common shares on the TSX Venture
Exchange ("TSXV") is equal to or higher than $0.225 per common
share for any 10 consecutive trading days during the unexpired term
of the Warrants, the exercise period for the Warrants will be
reduced to 30 days following that 10-day period.
The loan amendment and issuance of Warrants have been approved
by the board of directors of the Company. The issuance of Warrants
remain subject to final TSXV approval.
About Waymar Resources
Ltd.
Waymar Resources Ltd. is a Canadian mineral exploration company
that has acquired a 100% interest in the Anzá project located in
the west of the Antioquia Department in the Republic of Colombia.
Waymar also has 100% ownership of certain properties surrounding
Anzá that cover the district's mineral potential and is continually
seeking opportunities to acquire exploration and mining projects.
Colombia is a significant producer of gold, nickel, emeralds,
petroleum and natural gas as well as a leading producer of coal in
Latin America.
WAYMAR RESOURCES LTD.
Pablo Marcet, President & CEO
NEITHER THE
TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX-VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS
RELEASE.
This press release may contain "forward-looking statements"
and "forward-looking information" within the meaning of applicable
Canadian securities legislation. Generally, forward-looking
information can be identified by the use of forward-looking
terminology such as "plans", "expects", "estimates", "intends",
"anticipates" or "believes" or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might", or "will be taken", "occur", or "be achieved".
Forward-looking information is based on the reasonable assumptions,
estimates, intentions, analysis and opinions of Waymar made at the
date that such statements are made. Forward-looking information is
subject to known and unknown risks, uncertainties and other factors
that may cause the actual results, level of activity, performance
or achievements of Waymar to be materially different from those
expressed or implied by such forward-looking information, and as
otherwise disclosed elsewhere in Waymar's public disclosure.
Accordingly, readers should not place undue reliance on
forward-looking information. The forward-looking information
contained herein is presented for the purposes of assisting
investors in understanding Waymar's plans and objectives and may
not be appropriate for other purposes. Waymar does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
Shares Outstanding: 49,245,170
Waymar Resources Ltd.Investor
Relations1-778-373-0100info@waymarresources.com
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