Noram Announces Shareholder Loan
Vancouver, British Columbia (FSCwire) - Noram Ventures Inc. (TSX-Venture: NRM / Frankfurt: N7R / OTCBB: NRVTF) (“Noram” or the “Company”) announces that subject to TSX Venture Exchange approval, it has agreed to borrow up to $200,000 from three directors and one shareholder.
The Principal will bear interest at a rate of 12.5% per annum calculated half-yearly and not in advance from the date of this Agreement until the date that the Principal, accrued interest and Bonus referred to below are satisfied by payment in cash on the Repayment Date (as such term is defined below).
In recognition of the fact that the Lender is lending the Principal to NRM when NRM has no current ability to repay the Principal or the accrued interest, and NRM has no valuable security to offer to the Lender, NRM shall also pay a bonus to the Lenders of 12.5% of the principal in cash.
The Principal plus all interest accrued thereon will be due and payable in full to the Lender on August 24th, 2018 (the “Repayment Date”). The Bonus will also be due on the Repayment Date.
NRM may repay all or part of the loan at any time and from time to time without bonus, penalty or premium, and any such payment shall be applied to reduce the Principal and interest owing in respect thereof as follows (i) first, against all accrued and unpaid interest, if any, outstanding hereunder, and (ii) thereafter, against the Principal.
The loan proceeds will be used to pay incurred and ongoing BLM sustaining fees, and exploration expenses for the Company.
About Noram Ventures Inc.
Noram Ventures Inc. (TSX-V: NRM Frankfurt: N7R) is a Canadian based junior exploration company, with a goal of becoming a force in the Green Energy Revolution through the development of lithium and graphite deposits and becoming a low-cost supplier for the burgeoning lithium battery industry. The Company’s primary business focus since formation has been the exploration of mineral projects that include lithium projects in the Clayton Valley in Nevada, and the Arizaro East mineral claim located in the eastern portion of the Salar de Arizaro in north- western Argentina and the Jumbo graphite property in British Columbia. Noram’s long term strategy is to build a multi-national lithium- graphite dominant industrial minerals company to produce and sell lithium and graphite into the markets of Europe, North America and Asia.
Please visit our web site for further information: www.noramventures.com
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “Mark Ireton”
President & Director
Direct: (604) 761-9994
This news release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of the Company. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements; the uncertainty of future profitability; and the uncertainty of access to additional capital. These risks and uncertainties could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and expressed qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking information should circumstance or management's estimates or opinions change.
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.
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Source: Noram Ventures Inc. (TSX Venture:NRM, OTC Pink:NRVTF)
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