Silver Phoenix Resources (TSE:ATL) has released an update.
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Silver Phoenix Resources has announced that its subsidiary, Cambrosia Ltd., has received a loan of approximately $1.1 million CAD from Shahar Management Group, an entity linked to insider Avi Elkayam. The loan agreement includes an interest rate of 9.75% and offers a term of two years with an optional one-year extension. In addition, the company might issue over 3.6 million common shares to Elkayam or Shahar upon the revocation of a cease-trade order, further aligning the interests of the lender with the company’s performance.
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