MAJESTIC GOLD CORP (MJGCF.PK)
MAJESTIC GOLD CORP (MJGCF.PK) engages in the exploration and development of mineral properties in China. The company focuses on its gold project located in the prolific gold region of Song Jiagou in eastern Shandong Province. Majestic Gold Corp. is headquartered in Vancouver, Canada.
Gold’s chemical symbol is Au. It comes from the Latin word aurum which means shining dawn, a reference to its bright yellow color and shiny luster. The English word gold has its origins in Middle English. Gold is described and known as a precious metal. The combination of gold’s relative scarcity and its obvious beauty has made it a very valuable commodity throughout the history of humanity. It is most probably the oldest precious metal known to man. Wars have been fought over it and countless numbers have died trying to gain it or protect it.
Gold is found in two major types of deposits. Lode deposits are deposits where gold is found in cracks and veins in rocks. These are also called vein deposits. The second type of gold deposit is called a placer deposit. Placer deposits are formed by moving water that has eroded gold out of lode deposits. When the speed of the water in a river slows sufficiently, the heavy gold falls to the bottom and accumulates in the sand of the riverbed.
MAJESTIC GOLD CORP (MJGCF.PK) has arranged a $10,000,000 loan to advance its Song Jiagou project in China. Nine million dollars ($9,000,000) from the proceeds from the loan will be used by the Company to in connection with its Song Jiagou project and the balance of one million dollars ($1,000,000) for general working capital purposes.
The loan will have a one year term and loan principal will be convertible at the option of the lender in whole or in part into common shares (”Shares”) of the Company until twelve months from the date of the loan advance at the price of $0.205 per Share. The loan will bear interest at the rate of 7.5% per annum, payable on maturity, and accrued and unpaid interest will be convertible at the option of the lender in whole or in part into shares of the Company until twelve months from the date of the loan advance at Market Price at the time of conversion.
The lender is at arm’s length from the Company and will not become an insider as a result of any conversion of principal and interest. All shares issued on any conversion of loan principal or interest will be subject to a four month hold period from the date of advance of loan proceeds. The loan is subject to acceptance by the TSX Venture Exchange.
As additional consideration for the loan, the Company has agreed to forward at least $9 million to Majestic Yantai Gold Ltd., a British Virgin Islands company owned 94% by the Company to be used to further advance its Song Jiagou project. The Borrower has also agreed to a 90 day period for reciprocal due diligence reviews and discussions for the possible further involvement of the Lender in the Song Jiagou project.
In the event that no further agreement is reached between the Lender and the Company during the 90 day period, then the loan and a minimum of seven (7) months interest will automatically convert to shares in the Company at a price of $0.205 per share and the interest at Market Price respectively. In addition the Company is pleased to announce that it has arranged a non-brokered private placement of up to 15,000,000 shares to be issued at the price of $0.20 per share for gross proceeds of $3,000,000.
Gold, the most well-known precious metal, has been mined since 25BC and at many places across the globe, from America to Wales. This popularity over a time span of two thousand years suggests that there is a quality to gold that is unique and out of the ordinary; and indeed there is. Gold can be used in countless, very different, ways, although of course some are much more well-known and popular than others, such as jewelery. It is a testament to gold’s adaptable nature, however, that is has become such an important part of many different industries.
For more information about MAJESTIC GOLD CORP. Visit its website: http://www.majesticgold.net
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