Fortress Minerals Corp. (FST.V) said Friday that an insider of the company has agreed to provide a loan of C$4 million to the company at an interest rate of prime plus 2% for short-term working capital purposes.
The loan has an initial term of 6 months and may be re-paid in part or full at anytime without penalty.
As a condition of the loan, the lender will receive a bonus payment of 1,052,631 shares of Fortress, subject to regulatory approval. These shares will be subject to a four month and one day hold period.
For comments and feedback: editorial@rttnews.com