(via TheNewswire)
CALGARY – TheNewswire - November 19, 2024 - San Lorenzo Gold Corp. ("San Lorenzo" or the "Company") (TSXV: SLG) announces the implementation of a credit facility to fund an upcoming Cerro Blanco drilling program.
The Credit Facility
During August 2023, the Company converted $500,000 of advances previously made by a director and officer into a 2 year debenture (see San Lorenzo press release dated August 29, 2023).
With the Debenture maturing in less than 1 year, that same officer and director has agreed to
i) Convert the Debenture into a 2-year credit facility bearing interest at the same rate of 8%; and
ii) Increase the amount that can be drawn on the credit facility to $1,000,000.
The increase in the amount available to be drawn under the credit facility will allow for preparation and commencement of a drilling program focused on the high-impact Cerro Blanco target at Salvadora. The Company has completed the construction of road access and three drill pads at the Cerro Blanco lithocap target. New exposures in the roadcut were mapped and sampled and results from this sampling will be reported as they become available. Drill permits have been applied for and receipt is expected imminently. San Lorenzo will provide more details on the upcoming drill program in a follow up release.
Al Kroontje, Chairman of San Lorenzo commented that “the increase in the credit facility allows us to test a target we have wanted to drill for years. Funding it with this facility underscores our commitment to minimize dilution to shareholders and afford them maximum leverage to good exploration results”.
Subject to TSX Venture Exchange approval, the facility will be convertible into common shares of the Company at a price of $0.20 per share for a period of 2 years. Conversion may be implemented by either the holder or by San Lorenzo provided that San Lorenzo may only force conversion if its common shares trade on the facilities of the TSX Venture Exchange at a volume weighted average trading price for 20 days before conversion of no less than $0.25 per common share. Additionally, in the event of conversion into common shares, the parties have agreed to a contractual hold period such that such shares will be restricted from trading for a period of 1 year from the date of issuance.
About San Lorenzo
Sam Lorenzo is focused on advancing its Salvadora property located in Chile’s mega-porphyry belt. Results obtained from drilling programs conducted on 4 different targets to date have convinced management that several significant gold and copper enriched epithermal and porphyry style systems underlie the Salvadora property.
San Lorenzo looks forward to providing continued updates on its activities at Salvador in the coming weeks.
For further information, please contact:
Al Kroontje
Email: [email protected]
Ph: 403-607-4009
Or:
Roger Blair, Acuity Advisory Corp.
Email: [email protected]
Ph: +1-604-351-0025
or:
Terence (Terry) Walker, VP Exploration
Email: [email protected]
Ph: + 56 9 5179 5902
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 news release.
Not for distribution to United States newswire services or for release, publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States
Cautionary Note Regarding Forward-Looking Information
This news release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of San Lorenzo. All statements included herein other than statements of historical fact are forward-looking information. Such forward-looking information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, San Lorenzo does not assume any obligation to update or revise them to reflect new events or circumstances.
Copyright (c) 2024 TheNewswire - All rights reserved.
