Ria Resources Corp. announces assignment of loan
22 Février 2012 - 1:15PM
PR Newswire (Canada)
CALGARY, Feb. 24, 2012 /CNW/ - Ria Resources Corp. ("RIA" or the
"Corporation") announces that National Bank of Canada ("National
Bank") has assigned RIA's outstanding $750,000 loan (the "Loan") to
Chinook Financial Ltd. ("Chinook"). National Bank has also
assigned all security agreements relating to the Loan to
Chinook. As a condition to agreeing to assume the Loan,
Chinook entered into a Loan Assumption and Amending Agreement (the
"Assumption Agreement") with RIA. Under the terms of the
Assumption Agreement, RIA agreed, among other things, to: (i)
increase the interest rate of the Loan from 7.5% per annum to 8.0%
per annum; and (ii) extend the term of the Loan to five (5)
years. In addition, RIA agreed, subject to regulatory
approval, to issue 1,300,000 common share purchase warrants (the
"Warrants") to Chinook as a bonus. Each whole Warrant is
exercisable into one common share of RIA at $0.20 per share.
The Warrants will have a term of five (5) years (subject to earlier
termination in accordance with TSX Venture Exchange Policy 5.1).
The Assumption Agreement (and the issue of the bonus to Chinook
thereunder) constitutes a related party transaction as a director
of the Corporation also owns and controls Chinook. The
Assumption Agreement was approved by disinterested directors of
RIA. The Corporation relies on certain exemptions from formal
valuation requirements and minority approval requirement under MI
61-101 - Protection of Minority Security Holders in Special
Transactions with respect to this transaction. RIA is a company
listed and trading on the TSX Venture Exchange, symbol: RIA.
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. Ria Resources Corp. CONTACT: Glenn
HamiltonChief Financial OfficerRIA Resources Corp.Telephone No.
(403) 510-0844
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