2014-02-06 14:36:04 -
Victoria, British Columbia CANADA, February 06, 2014 /FSC/ - GoldON Resources Ltd. (GLD - TSX Venture), ("GoldON" or the "Company") has completed a $125,000 interim financing with Trelawney Mining and Exploration Inc., an indirect wholly owned subsidiary of IAMGOLD Corporation. IAMGOLD is GoldON's single largest shareholder.
The financing, an unsecured promissory note (the "Note"), is repayable in February 2016 and bears interest at 8% per annum payable semi-annually. GoldON may pay the interest in cash or by the issuance of common shares at a price equal to their 10-day weighted average price, subject to the lender's partially diluted holdings not exceeding 19.9%. GoldON may also, at its option, prepay the Note in whole or in part at any time, and
must apply 20% of the proceeds it receives from future non flow-through stock offerings to the principal balance until such time as the Note is repaid in full.
The proceeds from the Note will be used for general working capital.
About GoldON Resources Ltd.
GoldON Resources Ltd. is an exploration company geographically focused on two of the prolific gold mining belts of Ontario, Canada. Its properties include the Slate Falls and Pickle Lake gold properties in northwestern Ontario and the Swayze Gold Property adjoining IAMGOLD's multi-million ounce Cote Gold Project in the Swayze Greenstone Belt. For more information, visit www.goldonresources.com
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik, President
Direct line: (204) 724-0613
Neither 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.
To view the press release as a PDF, please click on the following link:
Source: GoldON Resources Ltd. (TSX-V: GLD) www.goldonresources.com
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