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An announcement from Total Metals ( (TSE:TT) ) is now available.
Total Metals Corp. has entered into a definitive agreement to provide a $3.5 million secured loan to privately held Kattegat Mining Inc., owner of the Shoal Lake Property in northwestern Ontario, in an arm’s-length transaction with no finder’s fees. The loan, bearing 8% interest and backed by a general security agreement over all of Kattegat’s assets, will be used exclusively to repay and extinguish Kattegat’s outstanding convertible debentures and other liabilities, and will become a first-ranking security interest once those obligations are discharged, subject to customary default protections and regulatory and TSX Venture Exchange approvals that may affect closing.
More about Total Metals
Total Metals Corp. is a Canadian exploration company focused on its 100%-owned Electrolode Project in northwestern Ontario, targeting critical minerals and gold across three favorable geological trends near major operations in the Red Lake gold camp and between Kinross Gold’s Great Bear Project and First Mining Gold’s Springpole Project. The company also fully owns the High Lake and West Hawk Lake gold properties along the Manitoba–Ontario border, with the Purex Zone at High Lake identified as the key target for initial exploration and potential future mining activities.
Average Trading Volume: 141,608
Technical Sentiment Signal: Hold
Current Market Cap: C$18.31M
See more insights into TT stock on TipRanks’ Stock Analysis page.