BIG 0.00% $2.22 big un limited

fyi luzon

  1. 845 Posts.
    LOANS PAYABLE

    from luzon's financial statement.

    (i) As at September 30, 2007, Republic Gold Ltd (“RGL”) purports to have provided funds and services,
    including accrued interest thereon, totaling Cdn$2,182,608 (December 31, 2006 - $1,681,741). The loan
    payable is purported to bear interest at 15% per annum, is secured by a general security agreement (“GSA”)
    and has no specific terms of repayment. Certain amounts that have been paid or accrued on behalf of the
    Company, and included within the loan balance, are in dispute by the Company and, given certain
    material differences as between the companies, may be recovered in a future period.

    (ii) During the year ended December 31, 2006, the Company borrowed $66,924 from a director of RGL. This
    loan is purported to bear interest at 15% per annum and the Company received a demand for repayment
    during the nine months ended September 30, 2007.
 
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