|August 14, 2015|
Heatherdale Announces Loans
|August 14, 2015, Vancouver, BC -- Heatherdale Resources Ltd. ("Heatherdale" or the "Company") (TSXV:HTR) announces a loan agreement in respect of loans (the "Loans") being made by certain directors and officers of the Company and other unrelated lenders (the "Lenders") in the aggregate of approximately $250,000.|
The Loans will be secured, will bear interest at a rate of prime plus 2% per annum and will be repayable after one year or earlier under certain circumstances. In connection with the Loans, Heatherdale will issue to the Lenders loan bonuses of approximately 5 million warrants in the aggregate (the "Bonus Warrants") to purchase common shares in its capital at $0.05/share. The Bonus Warrants will be non-transferrable and the common shares issuable under the Bonus Warrants will be subject to a four month plus one day holding period commencing from the date of issuance of the Bonus Warrants. The Bonus Warrants will expire on the one year anniversary of the respective Loans. The Loans will be used for general working capital purposes.
Concurrently with closing of the Loans, the Company will grant a security interest in all of its assets to Hunter Dickinson Services Inc. ("HDSI") to secure payment of present and future trade payables owing by the Company under its existing agreement with HDSI for the provision of technical, geological, corporate communications, administrative and management services. In exchange for such grant of security interest, HDSI will (i) agree to not to demand payment of a current trade payable of $2,115,138 prior to January 31, 2016, and (ii) continue providing services to the Company, notwithstanding non-payment of such current trade payable. HDSI is an existing service provider to the Company that is owned and controlled by certain of the Lenders, among other persons.
The Loans and issuance of Bonus Warrants are subject to acceptance by the TSX Venture Exchange.
About Heatherdale & the Niblack Project
Heatherdale Resources Ltd. is a Vancouver-based exploration and development company focused on advancing its copper-gold-zinc-silver mine development opportunity at the Niblack Project.
For more information on Heatherdale, visit the Company's website at www.heatherdaleresources.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.
On behalf of the Board of Directors
Chief Financial Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed "forward-looking statements". Forward looking statements include statements with respect to the Loans, grants of security and issuance of securities contemplated by this release and the likelihood that such transactions will complete, and the Company's ability to repay the Loans or any of its debts or liabilities that are now or hereafter become due for payment. All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities and events or developments that the company expects are forward-looking statements. Although the Company believes the expectations expressed in forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. The Company cannot guarantee that the Loans, grants of security and issuance of securities contemplated by this release will complete or that any required approval of the TSX Venture Exchange will be received. There is no certainty that the Company will be able to repay the Loans or any other outstanding debt or liability of the Company in a timely manner or at all. Assumptions used by the Company to develop forward-looking statements include the following: the Niblack project will obtain all required environmental and other permits and all land use and other licenses, studies and exploration of the Niblack project will continue to be positive, and no geological or technical problems will occur. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, potential environmental issues or liabilities associated with exploration, development and mining activities, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.
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