NV Gold (TSE:NVX) has released an update.
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NV Gold Corporation has secured a new loan of $50,000, adding to a series of loans totaling $400,000 from insider John Watson. The loans, all bearing a 12% annual interest, are backed by a share pledge agreement involving the company’s subsidiary, NV Gold Corporation (USA), Inc., which holds its US mineral projects and lease agreements. The transaction qualifies as a ‘related party transaction’, yet stays within the bounds of exemption clauses of Multilateral Instrument 61-101 due to its market capitalization proportion and commercial reasonableness.
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