Meryllion Resources Announces Related Party Loan
Meryllion Resources has announced a CAD$50,000 loan from Croesus Mining, a company controlled by director David Steinepreis. This unsecured, interest-free loan is due by May 14, 2025. The transaction is a related party deal under MI 61-101 but exempt from valuation and minority shareholder approval requirements due to the company's market capitalization. The agreement received approval from all independent directors. For more details, contact CEO Richard Revelins or Investor Relations.
- Secured an interest-free loan of CAD$50,000, reducing financial burden.
- Loan has a repayment period until May 14, 2025, providing ample time for potential capital generation.
- Approval from independent directors demonstrates governance and oversight.
- Transaction is a related party deal, which might raise concerns about conflicts of interest.
- The company had to rely on exemptions from valuation and minority shareholder approvals, indicating potential regulatory vulnerabilities.
Vancouver, British Columbia--(Newsfile Corp. - May 21, 2024) - Meryllion Resources Corporation (CSE: MYR) (OTC PINK: MYRLF) ("Meryllion" or the "Company")wishes to announce that it has borrowed the sum of CAD
The Loan is a related party transaction pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). With respect to the Loan, the Company has relied on the exemption from the valuation requirement pursuant to Section 5.5(b) (issuer not listed on specified markets) of MI 61-101 and from the minority shareholder approval requirement prescribed by Section 5.7(1)(a) (fair market value not more than
There is no undisclosed material information by the Company. The Company has at least one independent director, and all independent directors have approved the Loan.
For further information, please contact:
Mr. Richard Revelins
Director and Chief Executive Officer
Meryllion Resources Corporation
Investor Relations
Jorge@jeminicapital.com
+1-647-725-3888 ext. 704
+1-310-405-4475
rrevelins@peregrinecorporate.com
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/209847
FAQ
What is the recent loan announcement by Meryllion Resources?
Is the loan to Meryllion Resources from Croesus Mining interest-bearing?
When is the repayment date for the CAD$50,000 loan to Meryllion Resources?
What exemptions did Meryllion Resources rely on for the related party loan?
Who approved the loan to Meryllion Resources from Croesus Mining?
