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Noram Ventures set for C$200,000 loan from three directors and a shareholder

The loan will bear interest at 12.5% a year calculated half-yearly, the group said
Noram Ventures set for C$200,000 loan from three directors and a shareholder
The loan and bonus will be due and payable in full on August 24, 2018

Lithium and graphite firm Noram Ventures Inc (CVE:NRM) will borrow up to C$200,000 in a loan from three directors and one shareholder to pay for land management fees and exploration.

The loan will bear interest at 12.5% a year calculated half-yearly, and as Noram has no current ability to repay the principal amount or interest, Noram shall also pay a bonus to the lenders of 12.5% of the principal in cash.

The loan and bonus will be due and payable in full on August 24, 2018.

"The loan proceeds will be used to pay incurred and ongoing BLM sustaining fees, and exploration expenses for the company," it said in a regulatory statement on Wednesday.

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