Vancouver B.C.: TNR Gold Corp. (the “Company”) has arranged a $1,000,000 bridge loan (the “Loan”) from one of its current shareholders (the “Lender”) to provide short-term working capital. The Loan is due and payable on or before November 30, 2012 and is secured by a promissory note, general security agreement and deed of trust over the Company’s mining claims located in Alaska. The Loan will bear interest at the rate of 8% per annum. In consideration for the advance of the Loan, the Company will grant a bonus of $50,000 to the Lender, payable by way of 1,000,000 common shares of the Company at a deemed price of $0.05 per common share. The bonus shares will be subject to a hold period of four months and a day from issuance.
The Loan and issuance of the related bonus shares is subject to the approval of the TSX Venture Exchange.
About TNR Gold Corp.
Over the past twenty-one years TNR, through its lead generator business model, has been successful in generating high quality exploration projects around the globe. With the Company’s expertise, resources and industry network, it is well positioned to aggressively identify, source, explore, partner and continue to expand its project portfolio.
TNR’s recently listed subsidiary, International Lithium Corp. (TSX:ILC.V), demonstrated the successful application of TNR’s business model in which TNR shareholders benefited from a unit distribution upon spin-out of TNR’s lithium and rare metals projects. TNR remains a large shareholder in ILC at 28% of outstanding shares.
At its core, TNR provides significant exposure to gold and copper through its holdings in Alaska and Argentina; and teamed with the recent acquisitions of rare-earth elements and iron ore projects in Canada confirm TNR’s commitment to continued generation of in-demand projects, while diversifying its markets and building shareholder value.
On behalf of the board,