VANCOUVER, Aug. 26,
2016 /CNW/ - Heatherdale Resources Ltd. ("Heatherdale"
or the "Company") (TSXV: HTR) announces that it has issued shares
as part of the payment obligations of a convertible debenture with
Sino Canada Natural Resources Fund I. A total of 302,639
shares have been issued in payment of interest payments for the
period May 1, 2016 to July 31, 2016 as per the amended agreement,
announced in the Company's December 24,
2014 news release.
The Company also announces that it has entered
into a US$50,000 Loan Agreement (the
"Loan") with an unrelated lender (the "Lender"). The Loan is
unsecured and will bear interest at a rate of 12% per annum.
At any time prior to the Maturity Date of August 24, 2018 ("Maturity Date") by prior
written notice to Heatherdale, the
Lender may in its sole discretion elect to convert all, but not
less than all, of the indebtedness to a number of Shares of the
Company at a conversion price of C$0.05/share during the first twelve months after
the date of the Loan and C$0.10/Share
during the period of after twelve months after the Date of the Loan
and the Maturity Date. The Loan will be used by the Company
for working capital. The Loan is subject to acceptance by the
TSX Venture Exchange ("TSXV").
Finally, Heatherdale announces that the maturity date
of loan agreements and bonus warrants, as announced in a news
release dated August 14, 2015, has
been extended to August 20,
2017. The change is subject to TSXV approval.
About Heatherdale
Heatherdale Resources Ltd. is focused on
advancing its mine development opportunity at the Niblack Project
in southeastern Alaska.
On behalf of the Board of Directors
Mark Peters
Chief Financial Officer
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.
This release includes certain statements that may
be deemed "forward-looking statements". Forward looking statements
include statements with respect to the Loan, grants of security and
issuance of securities contemplated by this release and the
likelihood that such transaction will complete, and the Company's
ability to repay the Loan or any of its debts or liabilities that
are now or hereafter become due for payment. All
statements in this release, other than statements of historical
facts, that address exploration drilling, exploitation activities
and events or developments that the company expects are
forward-looking statements. Although the Company believes the
expectations expressed in forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. The
Company cannot guarantee that the Loans, grants of security and
issuance of securities contemplated by this release will complete
or that any required approval of the TSX Venture Exchange will be
received. There is no certainty that the Company will be able
to repay the Loans or any other outstanding debt or liability of
the Company in a timely manner or at all. Assumptions used by
the Company to develop forward-looking statements include the
following: the Niblack project will obtain all required
environmental and other permits and all land use and other
licenses, studies and exploration of the Niblack project will
continue to be positive, and no geological or technical problems
will occur. Factors that could cause actual results to differ
materially from those in forward-looking statements include market
prices, potential environmental issues or liabilities associated
with exploration, development and mining activities, exploitation
and exploration successes, continuity of mineralization,
uncertainties related to the ability to obtain necessary permits,
licenses and title and delays due to third party opposition,
changes in government policies regarding mining and natural
resource exploration and exploitation, and continued availability
of capital and financing, and general economic, market or business
conditions. Investors are cautioned that any such statements are
not guarantees of future performance and actual results or
developments may differ materially from those projected in the
forward-looking statements. For more information on the
Company, investors should review the Company's continuous
disclosure filings that are available at www.sedar.com.
SOURCE Heatherdale Resources Limited