Royalty North Announces Agreement to Accept Early Repayment of Loan from Advance Wire Products Ltd.
Vancouver, British Columbia--(Newsfile Corp. - June 16, 2022) - Royalty North Partners Ltd. (TSXV: RNP) ("RNP" or the "Company") announces that in accordance with a Loan Agreement between Advance Wire Products Ltd ("AWP") and RNP as entered into on August 24, 2017, and as amended by subsequent amending agreements, (the "Loan Agreement"), AWP has chosen to voluntarily prepay the loan in its entirety. RNP and AWP have entered into an agreement dated June 16, 2022 whereby AWP has agreed to repay $5,546,637 on July 29, 2022 (the "Initial Payment") and a further $453,360 to be paid in 24 equal monthly installments commencing on September 1, 2022.
At the time of entering into the Loan Agreement RNP advanced $4,550,000 to AWP. Upon completion of the Initial Payment, AWP shall have no more obligations under the Loan Agreement and RNP shall have no more rights to payments pursuant to the Loan Agreement.
Trading in the common shares of RNP is currently halted and it is not anticipated that trading in the common shares of RNP will resume prior to completion of the previously announced reverse take-over transaction with Sandstorm Gold Ltd. For further details, please see the Company's press releases dated February 17, 2022 and May 2, 2022, May 26, 2022 and June 1, 2022.
For more information about Royalty North Partners Ltd., please contact:
Chief Financial Officer
Phone: (604) 628-1033
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accept responsibility for the adequacy or accuracy of this release.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
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