VANCOUVER, Jan. 8,
2016 /CNW/ - Rathdowney Resources Ltd. ("Rathdowney" or
the "Company") (TSXV: RTH) announces that it has entered into Loan
Agreements with respect to a $310,000 loan (the "Loan") with non-arm's length
directors and officers of the Company (the "Lenders").
The Loan is unsecured, will bear interest at a
rate of 15% per annum and is repayable after six months or earlier
on the occurrence of a default. In connection with the Loan,
Rathdowney will issue to the Lenders a loan bonus in the form of
1,823,527 warrants (the "Bonus Warrants"), each entitling the
holder to acquire one common share of Rathdowney for one year at a
price of $0.17 per share. The Bonus
Warrants will be subject to a four month hold period, commencing on
the date of issuance. The Loan and Bonus Warrants are subject to
acceptance by the TSX Venture Exchange.
The Loan will be used by the Company for working
capital.
About Rathdowney and Project Olza
Rathdowney Resources Ltd. is focused on advancing
its Olza zinc-lead-silver project ("Project Olza") through
permitting and into production. Project Olza is located in the
Upper Silesian Mining District of southwestern Poland, a world-class region of Mississippi
Valley-type deposits with well-developed mining
infrastructure. Easily accessible by road, the Olza project
site is a one-hour drive from Krakow, a major city with full
services, including an international airport. The deposits at
Olza are 25 km from the ZGH zinc smelter at Boleslaw. Additionally,
a railway line runs through the project-area, linking it to
smelters throughout Europe and to
ports on the Baltic Sea.
Technical information in this release has been
reviewed by David Copeland, PEng, a
qualified person who is also Chairman and a Director of
Rathdowney.
On behalf of the Board of Directors
Robert Konski
President
& CEO
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". 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 such 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.
Assumptions used by the Company to develop forward-looking
statements include the following: Project Olza will obtain all
required environmental and other permits and all land use and other
licenses, studies and development of Project Olza 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,
exploitation and exploration successes, continuity of
mineralization, potential environmental issues and liabilities
associated with exploration, development and mining activities,
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, 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 Rathdowney Resources Ltd.