Trading Symbol TSXV: GTC
VANCOUVER, BC, Dec. 13,
2024 /CNW/ - Getty Copper Inc. (the "Company") (TSXV:
GTC) announced today that subject to approval of the TSX Venture
Exchange it has entered into a Loan Agreement with Freeway
Properties Inc. ("Freeway") to secure advances made by Freeway
since April 2017 totalling
$1,176,500 and interest to date of
$316,029.55 for total indebtedness at
December 11, 2024 of $1,492,529.55 (the "Freeway Loan"). The
advances were made from time to time by Freeway to cover shortfalls
in the available funds of the Company to meet its regularly
occurring bills and to cover exploration program costs on the
Company's mineral properties.
Freeway is a company controlled by John
Lepinski a control person of the Company. The loan from
Freeway is a related party transaction. It is exempt from the
valuation and minority approval requirements of the TSXV Venture
listings Policy 5.9 and Multilateral Instrument 61-101 because the
total net value does not exceed 25% of the Company's Market
Capitalization.
The loan will bear interest at 6% per annum and will be due on
Jan 31, 2026. In the event that
John Lepinski and/or his affiliates
shall cease to be controlling shareholders of the Company, the loan
will become immediately due and payable.
The loan will be secured by a charge on the Company's real
estate assets including its building located in Logan Lake BC and its crown granted mineral
claims.
The security interest will be subordinated to the security
interest of Robak Industries Ltd. ("Robak") under a debenture (the
"Robak Debenture") dated November
2016. The Robak Debenture was issued secure a loan of
$900,000 from Robak. The proceeds of
the loan were used as follows:
a) $581,646.12 to reimburse
John Lepinksi for litigation legal costs incurred by him on
behalf of the Company relating to 2009 litigation.
b) $176,118.90 to repay advances
made to the Company by Freeway between January and November 2016.
c) $56,300 to pay to management
fees to Freeway for the period from September 2012 to July
2014 at $2,500 per month plus
taxes.
d) $8,400 to pay past rent due
accumulated at $500 per month to
Deborah Resources Ltd. company controlled by John Lepinski a
non-arm length party.
e) $2,108.90 expenses relevant to
John Lepinski.
f) $75,000 retained by the Company
for working capital.
The Robak Debenture bears interest at 6% per annum. Robak has
extended the loan from time to time. The Debenture is currently due
January 31, 2026. The Robak Debenture
is secured by a general security intent of all of the assets of the
Company. The current amount outstanding under the Robak Debenture
is $1,450,180.63 which includes the
original amount plus total interest of $525,871.96. The amount outstanding also includes
additional advances made by Robak of $35,000 plus interest of $10,691.33.
The loan from Robak is a related party transaction (the "Robak
Loan"). Robak is controlled by John
Lepinski a control person of the Company. The loan from
Freeway is a related party transaction. It is exempt from the
valuation and minority approval requirements of the TSXV Venture
listings Policy 5.9 and Multilateral Instrument 61-101 as the total
net value does not exceed 25% of the Company's Market
Capitalization.
Both Freeway and Robak have agreed, subject to TSXV approval, to
convert $250,000 of the interest
payable in respect of the debts outstanding into common shares of
the Company at $0.05 per share as
described in the Company's news release of May 10, 2024.
|
Company
Name
|
Amount of Debt to be
Converted
|
Number of Shares for
Debt
|
|
Freeway
|
$250,000
|
5,000,000
|
|
Robak
|
$250,000
|
5,000,000
|
|
TOTAL
|
$500,000
|
10,000,000
|
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
Tom MacNeill, CEO
SOURCE Getty Copper Inc.
