Goldbank Mining Corporation (“Goldbank”)(TSX.V-GLB) is proceeding with the issuance of a secured convertible promissory note, subject to acceptance for filing by the TSX Venture Exchange.
Goldbank has now agreed to increase the amount of the promissory note to $1,200,000 from $800,000. Promissory note terms include an interest rate of 6% per year and is convertible in whole or in parts, at the holder’s election, for Goldbank units at $0.05 per unit for the first year and thereafter at $0.10 per unit until maturity three years from the date of issuance. Each unit is comprised of one share and one transferable warrant with each warrant exchangeable for one common share at $0.05 per share. Interest accrues monthly over the term of the convertible promissory note. In connection with the issuance of the convertible promissory note approximately $2,500,000 in additional current debts of Goldbank will be converted to long term debt with the principal amount payable in September 2018.
The secured convertible promissory note will be issued to Rolo Finance Inc., a BC private corporation owned and controlled by Mr. R. Roland. As the conversion of the promissory note to shares may result in the creation of a control person, Goldbank obtained shareholder approval at its 2015 shareholder meeting held on July 10, 2015.
Goldbank Mining Corporation is a Canadian exploration company actively exploring for gold in the Klondike Goldfields near Dawson City, Yukon, Canada.
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GOLDBANK MINING CORPORATION
PER: “James Boyce” Suite 702 – 889 West Pender Street
Vancouver, BC CANADA V6C 3B2
JAMES BOYCE Telephone: 604.683.3288
President & CEO Toll Free: 1.888.880.2288
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Cautionary Note to US Investors: This news release may contain information about adjacent properties on which we have no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.