Vancouver, British Columbia--(Newsfile Corp. - October 25, 2024) - Indigo Exploration Inc. (TSXV: IXI) (OTCQB: IXIXF) (FSE: INEN) (the "Company") (the "Company") is pleased to announce that it has entered into loan agreements with certain lenders pursuant to which an aggregate of $170,000 (the "Loan") has been made available to the Company. The Company intends to use the proceeds from the Loan for exploration work on its Hot Property and for general working capital purposes.
The loan agreements provide that any outstanding balance of the principal amount of each loan and the interest owing pursuant to such loan is due and payable to the lenders twelve months from the date of their respective agreement. Interest is payable on the outstanding balance of the principal amount of the Loan at the rate of 10% per annum.
In addition, the Company has agreed to issue an aggregate of 680,000 bonus shares to the lenders at a deemed price of $0.05 per share. The loan transactions and the issuance of the bonus shares are subject to the acceptance of the TSX Venture Exchange.
Two of the lenders are directors of the Company and are loaning $10,000 each. The participation of each insider constitutes a "related party transaction" under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company will be relying on exemptions from the formal valuation requirements of section 5.4 of MI 61-101 and minority shareholder approval requirements of section 5.6 of MI 61-101. As the fair market value of the related party's participation is not more than 25% of the Company's market capitalization, the related party transactions are exempt from the formal valuation requirements pursuant to subsection 5.5(a) of MI 61-101 and from the minority approval requirements pursuant to subsection 5.7(1)(a) of MI 61-101.
On Behalf of the Board of Directors,
"Paul Cowley", President and CEO
For further information, please contact: Paul Cowley: (604) 340-7711 Website:
This news release includes certain forward-looking statements as well as management's objectives, strategies, beliefs and intentions. Forward looking statements are frequently identified by such words as "may", "will", "plan", "expect", "anticipate", "estimate", "intend" and similar words referring to future events and results. Forward-looking statements are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks and the availability of financing, as described in more detail in our recent securities filings available at . Actual events or results may differ materially from those projected in the forward-looking statements and we caution against placing undue reliance thereon. The forward-looking statements contained in this press release are made as of the date hereof.
Neither the TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
