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Goldbank Announces $1.2M Secured Convertible Promissory Note

Blog by Goldbank Mining Corporation | March 13th, 2015

Goldbank Mining Corporation (“Goldbank”)(TSX.V-GLB) announces it has agreed to issue a secured convertible promissory note in the amount of $1,200,000.  Promissory note terms include an interest rate of 6% per year.  It 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 five 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. Goldbank will receive a $100,000 reduction in principal debt in consideration of the warrant/ secured convertible promissory note.  Interest accrues monthly over the term of the convertible promissory note.

The secured convertible promissory note will be issued to a limited partnership.  As the conversion of the promissory note to shares may result in the creation of a control person, Goldbank will be seeking shareholder approval to the secured convertible promissory note before issuance.

The transaction is subject to acceptance for filing by the TSX Venture Exchange.

Goldbank Mining Corporation is a Canadian exploration company actively exploring for gold in the Klondike Goldfields near Dawson City, Yukon, Canada.

For further information please e-mail jb@goldbankmining.com


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
Email: jb@goldbankmining.com


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.