Consolidated Beacon Resources Ltd. Amends Loan Terms
02 April 2009 - 7:28AM
Marketwired
Consolidated Beacon Resources Ltd. ("Beacon" or "the Company")
(TSX-V: KBC) announces that it has negotiated an extension of the
maturity date for the promissory note associated with the Loan
Agreement, previously announced March 6, 2009 and entered into with
North American Gem Inc., a related party on December 3, 2008. The
parties have agreed to extend the maturity date of the promissory
note from March 31, 2009 so that the loan will now be due in full
on September 30, 2009.
The purpose of the loan was to help secure the Company's
interest in the San Joaquin Property in California. The principal
of the loan is $400,000.00 CDN with interest calculated at 7.5%
annually. North American Gem Inc. has registered a General Security
Agreement against the personal property of the Company. Charles
Desjardins, the President of North American Gem Inc. and
Consolidated Beacon Resources Ltd. has personally guaranteed the
loan.
About Consolidated Beacon Resource Ltd.
Consolidated Beacon Resource Ltd. is in the business of
evaluating and acquiring oil and natural gas properties for
exploration and development in Canada and the United States. The
Company's shares trade on the TSX Venture Exchange under the symbol
KBC.
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 may contain or be deemed to contain forward-looking
statements that involve risks and uncertainties. These statements
may differ materially from actual events or results. Readers are
referred to the most recent documents filed by the Corporation on
SEDAR (www.sedar.com), specifically the most recent reports which
identify important risk factors that could cause actual results to
differ from those contained in the forward-looking statements. The
Corporation undertakes no obligation to review or confirm analysts'
expectations or estimates or to release publicly any revisions to
any forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events. Forward-looking statements include references to production
and cash flows before and after payout.
FOR FURTHER INFORMATION ABOUT THE COMPANY, PLEASE CONTACT:
Consolidated Beacon Resources Ltd. Vancouver Office Archie Boyce
Director Email: archie@consolidated-beacon.com Telephone: (604) 683
5445 ext 227 or visit the Company's website at
http://www.consolidated-beacon.com
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