Loan principal amount – Sendika12 http://sendika12.org/ Sun, 25 Sep 2022 00:50:17 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://sendika12.org/wp-content/uploads/2021/10/profile-120x120.png Loan principal amount – Sendika12 http://sendika12.org/ 32 32 Household and corporate debts stand at 2.2 times Korea’s GDP: The DONG-A ILBO https://sendika12.org/household-and-corporate-debts-stand-at-2-2-times-koreas-gdp-the-dong-a-ilbo/ Fri, 23 Sep 2022 22:39:20 +0000 https://sendika12.org/household-and-corporate-debts-stand-at-2-2-times-koreas-gdp-the-dong-a-ilbo/ Total Korean household and corporate debt hit a record high of 4.345 trillion won (about $3.07 trillion) at the end of June, according to a Bank of Korea report. The total is 2.2 times the country’s nominal GDP. The debt is astronomical and the debt burden is snowballing due to rapid increases in interest rates. […]]]>
Total Korean household and corporate debt hit a record high of 4.345 trillion won (about $3.07 trillion) at the end of June, according to a Bank of Korea report. The total is 2.2 times the country’s nominal GDP. The debt is astronomical and the debt burden is snowballing due to rapid increases in interest rates. If the debt is not sufficiently contained, it could destabilize the financial system and threaten the viability of the Korean economy.

Household debt alone reached 1.869 trillion won (about $1.32 trillion) at the end of June, up 3.2% year on year, while corporate debt reached 2.476 trillion. won ($1.75 trillion), up 10.8% year-on-year. Household debt growth is slowing due to a slump and a lack of real estate transactions in the real estate market. However, the pace of corporate debt growth is accelerating as more companies have faced soaring production costs, including spending on raw materials, labor and equipment. public services. If the interest burden increases, an increasing number of companies that have had to increase their borrowing due to the financial crisis will be unable to repay their debts and will become “zombie companies”.

Notably, debt owed by the self-employed, which jumped 15.8% to 994.2 trillion won ($702 billion) a year ago, is a significant risk factor. As social distancing has been lifted, these people have been hit even harder by high interest rates amid a slow economic recovery. As financial authorities have continued to extend maturity and defer principal and interest repayment for the self-employed and small business owners, the problem has yet to surface but is getting worse. internally. There is a good chance that excessive debt incurred by young people in their 20s and 30s will become a significant social problem. There are said to be an increasing number of cases where young Koreans are isolating and hiding after suffering significant financial losses due to falling prices of stocks and virtual currencies they have invested with loans.

The wave of US-led interest rate hikes will continue at least into early next year, as the global economic recession drags on even further. Korea is expected to practice an exit strategy to reduce household and corporate debts that have accumulated for more than two and a half years since the outbreak of the Covid-19 pandemic. Despite this situation, the government is reportedly considering extending the maturity of debt by three years and deferring repayment of principal and interest for the self-employed and others by one year.

If this practice continues, resources that should be invested in healthy businesses are spent on “zombie businesses,” further compounding the financial problem. The government should practice debt adjustment programs for economically disadvantaged people, including the working class, and young people. To distinguish sound debtors from insolvent debtors, the government should empower financial institutions to use their discretionary power for business debts, including the self-employed. He should refrain from extending the maturity of debt in a reckless and risky way like in Russian roulette.

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Debtor Company Willing to Pay Full Amount, Financial Creditor Objects, NCLAT Affirms Dismissal of Section 7 Petition https://sendika12.org/debtor-company-willing-to-pay-full-amount-financial-creditor-objects-nclat-affirms-dismissal-of-section-7-petition/ Thu, 22 Sep 2022 07:00:34 +0000 https://sendika12.org/debtor-company-willing-to-pay-full-amount-financial-creditor-objects-nclat-affirms-dismissal-of-section-7-petition/ The National Company Law Appeals Tribunal (“NCLAT”), main bench, consisting of Judge Ashok Bhushan (President), Judge M. Satyanarayana Murthy (Judicial Member) and Mr. Barun Mitra (technical member), while ruling on an appeal filed in Reliance Commercial Finance Limited v Darode Jog Builder Pvt. ltd., affirmed the decision of the contracting authority not to admit a […]]]>

The National Company Law Appeals Tribunal (“NCLAT”), main bench, consisting of Judge Ashok Bhushan (President), Judge M. Satyanarayana Murthy (Judicial Member) and Mr. Barun Mitra (technical member), while ruling on an appeal filed in Reliance Commercial Finance Limited v Darode Jog Builder Pvt. ltd., affirmed the decision of the contracting authority not to admit a request under Article 7 of the IBC, despite the existence of a debt and a default. The bench granted the debtor company the opportunity to pay/settle the full amount of the default despite the financial creditor’s reluctance to enter into a settlement.

Background Facts

Reliance Commercial Finance Limited (“Appellant/Financial Creditor”) had sanctioned term loans of Rs. 19.5 Crores to Darode Jog Builder Pvt. (“Debtor Company”) on 29.07.2013. In 2017, loan accounts were declared non-performing assets. Subsequently, on 04.11.2019, the financial creditor filed a petition under section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC”), requesting the initiation of a process of Corporate Insolvency Resolution (“CIRP”) against corporate debtor for default of Rs. 15,79,41,658/-.

In a hearing held on 06.07.2022, the debtor company acknowledged its liability to pay and made an offer of Rs. 12.75 Crores to be paid within 45 days. The supervisory authority ordered the financial creditor’s counsel to obtain the appropriate instructions. It was also observed that if the Settlement did not occur, the Motion would automatically be allowed at the next hearing date.

At the next court date, i.e. 11.07.2022, the debtor company said that they are willing to deposit the full amount of Rs. 15,79,41,658/- within 45 days. However, the financial creditor has expressed reluctance to settle the case. The judicial authority obtained the bank details of the financial creditor and at the same time granted the latter the freedom to file a request for restitution in the event that the said amount was not deposited within 45 days. Accordingly, the motion was dismissed.

Harmed by the Order of 11.07.2022, the Financial Creditor appealed to the NCLAT.

The appellant’s arguments

The financial creditor argued that the contracting authority erred in ruling on the petition, as it was unwilling to settle the case. Consequently, the contracting authority could not have allowed the debtor company to deposit an amount in the account of the financial creditor.

Respondent’s Considerations

The debtor company argued that the financial creditor was unwilling to settle because the full amount had not been offered before and settlement had not taken place despite several adjournments. It was argued that the debtor company has the financial capacity to deposit the full amount.

NCLAT Decision

The Chamber relied on the judgment of the Supreme Court in Vidarbha Industries Power Limited Vs. Axis Bank LimitedCivil Appeal No. 4633 of 2021, in which it was held that:

“56. The Adjudicating Authority (NCLT) and the Appeals Tribunal (NCLAT) both proceeded on the principle that an application must necessarily be considered under Article 7(5)(a) of the IBC, if a debt existed and the debtor company was in default of payment of the debt. In other words, the contracting authority (NCLT) concluded that IBC Section 7(5)(a) was mandatory. The contracting authority (NCLT) was of the view that Article 7(5)(a) did not admit of any other interpretation, with which the Appeals Tribunal (NCLAT) agreed.”

The bench observed that according to the judgment, even after debt and default are there, the contracting authority must apply its mind to assess the feasibility of initiating the CIRP.

“Where the debtor company has complied with depositing the full amount in default of the financial creditor, as permitted by the contracting authority, no purpose or opportunity survives to pursue the resolution of the debtor company’s insolvency .”

The Chamber observed that proceedings under Article 7 are for the resolution of insolvency. The contracting authority did not err in verifying whether the debtor company can comply with the deposit of the entire amount in default in the bank account of the financial creditor. It was observed that the interest of the financial creditor was fully protected, since the freedom was already given to relaunch the petition in case the total amount was not received within 45 days.

The appeal was dismissed.

Case title: Reliance Commercial Finance Limited v Darode Jog Builder Private Limited

Case no: Company Appeal (AT) (Insolvency) No. 1005 of 2022

Counsel for the Appellant: Mr. Nikhil Nayyar, Lead Counsel with Mr. Mahesh Agarwal, Ms. Himanshu Satija, Ms. Geetika Sharma, Mr. Shivam Shukla and Mr. Archit Jain, Advocates.

Counsel for the Respondent: Mr. Ramji Srinivasan, Lead Counsel with Mr. Agam H. Maloo, Mr. Abhinav Agarwal, Ms. Shruti Pandey and Mr. Kaustubh Kandpile, Advocates.

Click here to read/download the order

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Rising rates could cut the amount you can borrow for a home loan by 20% https://sendika12.org/rising-rates-could-cut-the-amount-you-can-borrow-for-a-home-loan-by-20/ Tue, 20 Sep 2022 21:05:00 +0000 https://sendika12.org/rising-rates-could-cut-the-amount-you-can-borrow-for-a-home-loan-by-20/ While the impact of rising interest rates on existing borrowers is well known, those buying a home will also be forced to make adjustments, namely to settle for a smaller loan. In a recent speech, the Reserve Bank’s head of domestic markets, Jonathan Kearns, said this year’s rate hikes have already reduced the amount of […]]]>

While the impact of rising interest rates on existing borrowers is well known, those buying a home will also be forced to make adjustments, namely to settle for a smaller loan.

In a recent speech, the Reserve Bank’s head of domestic markets, Jonathan Kearns, said this year’s rate hikes have already reduced the amount of debt potential borrowers can take on by a fifth.

“Since this 225 basis point increase in the cash rate has been fully passed through to mortgage interest rates, it will have reduced the maximum amount borrowers can lend by about 20%,” he said. .

It comes nearly a year after APRA introduced stricter guidelines for service stamps, which are used by banks to assess borrowers’ ability to continue paying their loan at a higher rate.

Previously, banks were required to apply an interest rate cushion of at least 2.5 percentage points to the rates of their loan products. This rate was raised to 3.0 percentage points to ensure the stability of the financial system and in anticipation of future rate hikes.

At the time, the change reduced the maximum loan amount a borrower could take by up to 5%, a difference which Kearns says has been eclipsed by the current round of rate hikes.

“The increase in the cash rate since May has been 225 basis points, and so that has had a much bigger impact on the maximum loan size than the APRA requirement.”

“And because the assessment rate also applies to any existing debt, the decrease in borrowing capacity is even greater for potential borrowers who have existing debt, such as real estate investors.”

Fortunately, it is rare for borrowers to withdraw the maximum amount a bank is willing to lend to them, with banks reporting that such customers make up only about 10% of their loan portfolios.

RELATED: How High Will Mortgage Rates Go in 2022?

“As a result, even if the maximum loan size for all borrowers is reduced by 20% in response to higher interest rates, all new borrowers will not have to take out a 20% smaller loan,” he said. said Kearns.

“For many borrowers, the amount they spend on a new home would decrease only slightly or not at all (partly because their savings to use as a deposit need not decrease with higher interest rates) .”

However, Kearns points out that the rapid rise in interest rates, which is expected to continue until the RBA can bring inflation back within target, also means that new borrowers will make larger repayments on their loans.

“For example, with the 225 basis point increase in the mortgage interest rate – compared to the average mortgage rates before May – the monthly payments on a new loan (principal and interest over 25 years) will be around 25% higher,” he said.

“This increase in mortgage payments may influence how much people want to borrow.”

It’s important to note that this won’t necessarily apply to existing borrowers, many of whom pay above the minimum repayment amount set by their lenders or make regular contributions to their clearing accounts.

Fixed-rate loans also make up a significant share of the residential mortgage market – currently around 35% – and these borrowers will not face increased repayments until their fixed terms expire.

For more information on interest rates and loan trends, visit our home loan statistics page. And if you’re looking for a home loan, visit our home loan comparison page or browse the selection below.

*
ATTENTION: This comparison rate only applies to the example or examples given. Different amounts and durations will result in different comparison rates. Costs such as withdrawal charges or prepayment charges, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed corresponds to a guaranteed loan with monthly principal and interest repayments of $150,000 over 25 years.

**
Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on the amount of your loan, the term of the loan and your credit history. Actual repayments will depend on your personal circumstances and changes in interest rates.

^ See Mozo Experts Choice Home Loan Awards information

Mozo provides general product information. We do not take into account your personal goals, financial situation or needs and we do not recommend any particular product. You must make your own decision after reading the PDS or offer documentation, or after seeking independent advice.

Although we pride ourselves on covering a wide range of products, we do not cover every product on the market. If you decide to request a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.

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Pell Grant Loan: Meaning, Eligibility, Terms and Amount https://sendika12.org/pell-grant-loan-meaning-eligibility-terms-and-amount/ Wed, 31 Aug 2022 08:45:20 +0000 https://sendika12.org/pell-grant-loan-meaning-eligibility-terms-and-amount/ Jthe recent announcement by the American President Joe Biden forgiving up to 20,000 in student loans has caused a lot of fury among Americans. While Biden’s intentions can be seen as noble, questions remain about the effect of canceling student loans, especially on the already high inflation the United States is currently experiencing. Another key […]]]>

Jthe recent announcement by the American President Joe Biden forgiving up to 20,000 in student loans has caused a lot of fury among Americans. While Biden’s intentions can be seen as noble, questions remain about the effect of canceling student loans, especially on the already high inflation the United States is currently experiencing.

Another key point to keep in mind is the fact that there are two categories of forgiveness: the general category which will forgive $10,000 to anyone earning less than $125,000 a year, and Pell Grant recipients, who will receive an additional $10,000 in pardons, meaning they will be entitled to a total of $20,000.

What are Pell Grants?

A Pell Scholarship is a scholarship awarded by the United States government to students who are in extreme financial need to attend college. Unlike loans, these grants do not have to be repaid.

The maximum Federal Pell Grant for the 2022/23 academic year is $6,895. Students are eligible to apply for the scholarship every year, with the scholarship limited to a maximum of 12 semesters.

Who is eligible?

Individuals must meet the following criteria to be eligible for the Pell Grant:

  • Be an undergraduate student
  • Demonstrate exceptional financial need
  • Comes from a family whose annual income does not exceed $60,000
  • Be enrolled at a recognized university as a full-time or part-time student
  • Be a US citizen or eligible non-citizen

How to register

Those who meet the above criteria can apply for a Pell Grant by completing the Free Application for Federal Student Aid (FAFSA) online.

How do you check if you have received a Pell grant?

  1. Visit StudentAid.gov and login using your credentials, you also have the option to reset your password.
  2. Verify your information as requested by the site.
  3. Go to the dashboard, which should give you an infographic of your total loan balance, including how much you owe on principal and interest and also whether you’ve received any funds.
  4. Click on “View Tabs” and select the “View Grants” button, which should show you information about the individual grant, amount, year awarded, and point of contact for your college.
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Biden ‘forgives’ massive amount of student loan debt, shifting costs to public https://sendika12.org/biden-forgives-massive-amount-of-student-loan-debt-shifting-costs-to-public/ Wed, 24 Aug 2022 07:00:00 +0000 https://sendika12.org/biden-forgives-massive-amount-of-student-loan-debt-shifting-costs-to-public/ President Joe Biden is set to “remit” up to $10,000 in federal student debt for those earning less than $125,000 a year and $20,000 for Pell Grant recipients, shifting the cost of loans to the American public, the White House announced on Wednesday. Biden’s decision marks the first time a president has written off federal […]]]>

President Joe Biden is set to “remit” up to $10,000 in federal student debt for those earning less than $125,000 a year and $20,000 for Pell Grant recipients, shifting the cost of loans to the American public, the White House announced on Wednesday.

Biden’s decision marks the first time a president has written off federal student loan debt in such a broad capacity, and comes months before the midterm elections. He had campaigned to waive up to $10,000 per borrower during the presidential race, but there was no mention of an income cap.

Biden is also expected to extend the federal student loan freeze for one final time through Dec. 31.

Lawmakers, including Nancy Pelosi, have argued that Biden’s executive order is unconstitutional and goes beyond the rights of the executive.

Congress, not the president, is the only body that can cancel student debt, Pelosi said in July 2021, arguing that “the president can’t do it.”

“Not everyone realizes this, but the president can only postpone, delay but not forgive” student loans, she added.

The Ministry of Education made the same decision, arguing that the executive branch “has no legal power to cancel, impair, discharge or pardon, on a lump or mass basis, principal balances. student loans and/or materially reduce the repayment amounts or terms thereof.

Senate Majority Leader Chuck Schumer told Biden to provide as much relief as possible in a phone call Tuesday night, according to Politics, saying it’s “the right thing to do morally and economically”.

The estimated total cost of Biden’s one-time cancellation is $300 billion, according to a study released Tuesday by the University of Pennsylvania’s Wharton School of Business. The cost would rise to $330 billion if the program continued over the standard ten-year window, the study showed.

Republican lawmakers have sounded the alarm over Biden’s decision, saying it would lead to inflation.

Biden has argued that cutting the federal budget deficit will pay for student loan “pardon.”

“I hear it all the time: ‘How do we pay?’ We pay for what we have done. Last year we reduced the deficit by over $350 billion. This year, we are on track to reduce it by more than $1.7 trillion by the end of this fiscal year, the largest single-year deficit reduction in American history, and the the Inflation Reduction Act is going to cut it by another $300 billion over the next decade,” Biden said in his speech announcing the action.

Payments for most student borrowers have been frozen since March 2020, when Congress and then former President Donald Trump suspended payments due to anticipated financial hardship resulting from the Covid-19 pandemic. Biden has extended the hiatus four times and the freeze was set to expire on August 31.

More National Review

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Interest on HELB loans, fines exceeding principal amount unconstitutional, High Court rules https://sendika12.org/interest-on-helb-loans-fines-exceeding-principal-amount-unconstitutional-high-court-rules/ Mon, 22 Aug 2022 07:00:00 +0000 https://sendika12.org/interest-on-helb-loans-fines-exceeding-principal-amount-unconstitutional-high-court-rules/ High Court Judge Alfred Mabeya said monthly fines imposed by the Higher Education Loans Board (HELB) were unlawful The decision followed a petition filed by beneficiaries Anne Mugure, Davis Nguthu and Wangui Wachira The court said it was wrong to impose monthly fines because most graduates remain unemployed after completing their studies. A Nairobi High […]]]>
  • High Court Judge Alfred Mabeya said monthly fines imposed by the Higher Education Loans Board (HELB) were unlawful
  • The decision followed a petition filed by beneficiaries Anne Mugure, Davis Nguthu and Wangui Wachira
  • The court said it was wrong to impose monthly fines because most graduates remain unemployed after completing their studies.

A Nairobi High Court has ruled that the monthly fines imposed on the Higher Education Loans Board (HELB) were unacceptable.

Students wait to be served in the lobby of HELB headquarters in Nairobi’s Anniversary Towers. Photo: HELB.
Source: Twitter

Judge Alfred Mabeya, in a judgment dated August 19, said HELB is not entitled to recover more than twice the amount it advances to a borrower.

He made this statement following a petition filed by Anne Mugure, Davis Nguthu and Wangui Wachira, beneficiaries of HELB.

The judge in the ruling said HELB recipients are helpless students who acquire the loans in question to fund their education. In most cases, the judge said after graduation, the majority of graduates find themselves unemployed and the loan expires before they find employment and interest and penalties kick in.

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He said it was unfair that the loan continued to accrue interest and penalties.

“With the economy shrinking and job opportunities scarce, these loans are a nightmare. Also, the monthly fines would eventually make the amount irrecoverable. This is unacceptable,” Mabeya said.

The judge declared that section 15(2) of the HELB Act is unconstitutional because the interest rates and fines exceed the principal amount advanced.

The judge ruled HELB Section 15(2) unconstitutional, resulting in interest rates and fines exceeding the principal amount advanced to a borrower.

He said that HELB is not entitled to recover from its lenders an amount greater than twice the amount advanced, which violates the double rule.

Mugure Nguthu and Wachira sued HELB in 2021, claiming it charged exorbitant interest and penalties, which often exceeded double the principal amounts owed, making repayment difficult.

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Kenya’s electoral commission in the eye of the vote

Nguthu borrowed KShs. 146,090 in July 2016; in March 2021 the amount was KShs 335,207, Mugure borrowed KShs 82,980 in July 2004 and by July 2016 it had accrued to KShs 540,464.

Wangui borrowed Sh135,000 in July 2016; in February 2021, she owed HELB Sh336,573.

They said the interest rates and penalties were excessive and undermined the socio-economic status of beneficiaries and made it difficult to repay them. They added that due to non-performing loans, they were denied the necessary clearance for job applications.

HELB imposes a fine of at least KSh 5,000 for each loan deduction that remains unpaid.

Additional reporting by Ben Kerich.

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Source: TUKO.co.ke

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Scorpio Gold – Closing of Convertible Equity Loans up to US$2,450,000 | New https://sendika12.org/scorpio-gold-closing-of-convertible-equity-loans-up-to-us2450000-new/ Thu, 18 Aug 2022 11:02:50 +0000 https://sendika12.org/scorpio-gold-closing-of-convertible-equity-loans-up-to-us2450000-new/ VANCOUVER, British Columbia, Aug. 18, 2022 (GLOBE NEWSWIRE) — Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V: SGN) announces that further to its press release dated May 30, 2022, it has closed the two convertible loan agreements dated May 24, 2022, as amended on August 4, 2022 (the “Convertible Loan Agreements”), with Ianco Holdings […]]]>

VANCOUVER, British Columbia, Aug. 18, 2022 (GLOBE NEWSWIRE) — Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V: SGN) announces that further to its press release dated May 30, 2022, it has closed the two convertible loan agreements dated May 24, 2022, as amended on August 4, 2022 (the “Convertible Loan Agreements”), with Ianco Holdings Ltd. and Matco Holdings Ltd. (collectively, the “Lenders”) pursuant to which the Company may borrow the aggregate principal amount up to US$2,450,000 from the lenders (the “Loans”). To date, the lenders have advanced a total of US$2,350,000 to the company, which has been incorporated into the loans. The loans are subject to final approval by the TSX Venture Exchange (the “Exchange”). The remaining $100,000 that may be borrowed by the Company under the loans is subject to further stock exchange approval. The Company intends to use the proceeds of the loans to advance its Goldwedge property and for general working capital purposes.

Convertible Loan Terms

Pursuant to the terms of the convertible loan agreements, the lenders have agreed to advance the loans to the Company by drawings until the maturity date of December 31, 2022 (the “Maturity Date”), provided that the amount principal of each loan advanced does not exceed a total of USD 1,225,000. The outstanding principal of the loans bears interest at the annual rate of 123/8%, compounded monthly. For each drawdown under the Loans, the Company will pay the applicable lender a facility fee of US$3,250.

The outstanding principal amount of each loan, less any facility fees payable, is convertible, at the option of the relevant lender, into ordinary shares in the capital of the Company (each, an “Ordinary Share”) at a conversion price of 0. US$06 per common share. Action, subject to adjustment, from the date of closing until the earlier of the following dates: (i) the date of maturity and (ii) the date on which the full principal amount outstanding of the loan applicable has been refunded. A total of 38,733,333 common shares are issuable upon conversion of the outstanding loan principal, subject to adjustment. Interest accrued on the loans is not convertible into common shares.

The Lenders have agreed that they will not convert the outstanding principal amount of the Loans into Common Shares if the conversion of such principal amount results in either Lender owning or controlling, directly or indirectly, more 20% of the total issued and outstanding common shares Shares on a non-diluted basis.

The Company has agreed that so long as any indebtedness remains outstanding under the Convertible Loan Agreements, it will not purchase fixed assets with an aggregate value in excess of US$100,000 without the consent of the lenders, such consent not to be unreasonably refused.

The loans are also guaranteed in favor of the lenders on a past bet by present and subsequently acquired personal property of the Company and each of the following Company subsidiaries: Scorpio Gold (US) Corporation, Mineral Ridge Gold, LLC, Goldwedge, LLC and Pinon LLC (collectively, the “Subsidiaries”), as well as a pledge on each of the outstanding shares and shares of the Subsidiaries. The guarantees for the Loans will be provided by each of the Subsidiaries. The Company will provide the lenders with security agreements, pledge agreements and guarantees with respect to the aforementioned securities.

The Loans and Common Shares issuable upon conversion of Loan principal are subject to a four-month hold period which commenced May 24, 2022 and will expire September 25, 2022, in accordance with applicable securities laws and stock market policies.

For more details regarding the Loans, see the Company’s press release dated May 30, 2022.

ON BEHALF OF COUNCIL

SCORPION GOLD CORPORATION

Chris Zerg

President and CEO

Tel: (775) 753-4778

Email: czerga@scorpiogold.com

Website: www.scorpiogold.com

Neither the 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.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding the Company. By their nature, forward-looking statements are subject to a variety of factors that could cause actual results to differ materially from those suggested by the forward-looking statements. In addition, forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties, including, but not limited to, the Company’s ability to obtain final stock exchange approval for loans. . There is a significant risk that forward-looking statements will not prove to be accurate, that management’s assumptions may not be correct, and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Generally, forward-looking statements can be identified by the use of terms such as “anticipate”, “will”, “expect”, “may”, “continue”, “could”, “estimate”, “expect”. , “plan”, “potential” and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, the final approval of the exchange of the Loans and the intended use of funds for the Loans. These forward-looking statements are based on a number of assumptions which may prove to be incorrect.

The forward-looking statements contained in this press release are made as of the date hereof or as of the dates specifically referenced in this press release, as the case may be. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

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Scorpio Gold – Closing of equity convertible loans up to USD 2,450,000 https://sendika12.org/scorpio-gold-closing-of-equity-convertible-loans-up-to-usd-2450000/ Thu, 18 Aug 2022 11:00:00 +0000 https://sendika12.org/scorpio-gold-closing-of-equity-convertible-loans-up-to-usd-2450000/ Scorpion Gold Corporation VANCOUVER, British Columbia, Aug. 18, 2022 (GLOBE NEWSWIRE) — Scorpio Gold Corporation (“Scorpio Gold“or the”Company”) (TSX-V: SGN) announces that following its press release dated May 30, 2022, it has closed the two convertible loan agreements dated May 24, 2022, as amended on August 4, 2022 (the “Convertible loan agreements”), with Ianco Holdings […]]]>

Scorpion Gold Corporation

VANCOUVER, British Columbia, Aug. 18, 2022 (GLOBE NEWSWIRE) — Scorpio Gold Corporation (“Scorpio Gold“or the”Company”) (TSX-V: SGN) announces that following its press release dated May 30, 2022, it has closed the two convertible loan agreements dated May 24, 2022, as amended on August 4, 2022 (the “Convertible loan agreements”), with Ianco Holdings Ltd. and Matco Holdings Ltd. (collectively, the “LendersLoans”). To date, the lenders have advanced a total of US$2,350,000 to the company, which has been incorporated into the loans. The loans are subject to final approval by the TSX Venture Exchange (the “Swap”). The remaining $100,000 that may be borrowed by the Company under the loans is subject to further stock exchange approval. The Company intends to use the proceeds of the loans to advance its Goldwedge property and for general working capital purposes.

Convertible Loan Terms

Pursuant to the terms of the Convertible Loan Agreements, the Lenders have agreed to advance the Loans to the Company by drawings until the maturity date of December 31, 2022 (the “Due date”), provided that the principal amount of each Loan advanced does not exceed in the aggregate US$1,225,000. The outstanding principal of the Loans bears interest at the rate of 123/8% per year, monthly capitalization. For each drawdown under the Loans, the Company will pay the applicable lender a facility fee of US$3,250.

The outstanding principal amount of each loan, less any credit charges payable, is convertible, at the option of the relevant lender, into ordinary shares in the capital of the Company (each, a “Ordinary share”) at a conversion price of US$0.06 per common share, subject to adjustment, from the closing date until the earlier of: (i) the expiration date, and (ii ) the date on which all of the outstanding principal amount of the applicable loan has been repaid. A total of 38,733,333 common shares are issuable upon conversion of the outstanding loan principal, subject to adjustment. Interest accrued on the loans is not convertible into common shares.

The Lenders have agreed that they will not convert the outstanding principal amount of the Loans into Common Shares if the conversion of such principal amount results in either Lender owning or controlling, directly or indirectly, more 20% of the total issued and outstanding common shares Shares on a non-diluted basis.

The Company has agreed that so long as any indebtedness remains outstanding under the Convertible Loan Agreements, it will not purchase fixed assets with an aggregate value in excess of US$100,000 without the consent of the lenders, such consent not to be unreasonably refused.

The loans are also guaranteed in favor of the lenders on a past bet by present and subsequently acquired personal property of the Company and each of the following Company subsidiaries: Scorpio Gold (US) Corporation, Mineral Ridge Gold, LLC, Goldwedge, LLC and Pinon LLC (collectively, the “Subsidiaries”), as well as a pledge on each of the outstanding shares and shares of the Subsidiaries. The guarantees for the Loans will be provided by each of the Subsidiaries. The Company will provide the lenders with security agreements, pledge agreements and guarantees with respect to the aforementioned securities.

The Loans and Common Shares issuable upon conversion of Loan principal are subject to a four-month hold period which commenced May 24, 2022 and will expire September 25, 2022, in accordance with applicable securities laws and stock market policies.

For further details regarding the Loans, see the Company’s press release dated May 30, 2022.

ON BEHALF OF COUNCIL

SCORPION GOLD CORPORATION

Chris Zerg
President and CEO

Tel: (775) 753-4778
Email: czerga@scorpiogold.com

Website: www.scorpiogold.com

Neither the 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.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding the Company. By their nature, forward-looking statements are subject to a variety of factors that could cause actual results to differ materially from those suggested by the forward-looking statements. In addition, forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties, including, but not limited to, the Company’s ability to obtain final stock exchange approval for loans. . There is a significant risk that forward-looking statements will not prove to be accurate, that management’s assumptions may not be correct, and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Generally, forward-looking statements can be identified by the use of terms such as “anticipate”, “will”, “expect”, “may”, “continue”, “could”, “estimate”, “expect”. , “plan”, “potential” and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, the final approval of the exchange of the Loans and the intended use of funds for the Loans. These forward-looking statements are based on a number of assumptions which may prove to be incorrect.

The forward-looking statements contained in this press release are made as of the date hereof or as of the dates specifically referenced in this press release, as the case may be. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

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https://sendika12.org/2587-2/ Thu, 18 Aug 2022 07:00:00 +0000 https://sendika12.org/2587-2/ This section is Partnership Content Provided The content in this section is supplied by GlobeNewswire for the purposes of distributing press releases on behalf of its clients. Postmedia has not reviewed the content. Breadcrumb Links GlobeNewswire Author of the article: Publication date : August 18, 2022 • August 18, 2022 • 4 minute read • […]]]>

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“or the”CompanyConvertible loan agreementsLendersLoans”). To date, the Lenders have advanced an aggregate of US$2,350,000 to the Company, which amount has been incorporated into the Loans. The Loans are subject to the final approval of the TSX Venture Exchange (the “Swap”). The remaining $100,000 that may be borrowed by the Company under the Loans is subject to further approval of the Exchange. The Company intends to use the proceeds of the Loans to advance its Goldwedge property and for general working capital purposes.

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Convertible Loan Terms

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Due date3/8% per year, monthly capitalization. For each drawdown under the Loans, the Company will pay to the applicable Lender a facility fee of US$3,250.

Ordinary share

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The Lenders have agreed that they will not convert the outstanding principal amount of the Loans into Common Shares if the conversion of such principal amount will result in either Lender owning or controlling, directly or indirectly, more than 20% of the total issued and outstanding Common Shares on a non-diluted basis.

past bet Subsidiaries

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The Loans and the Common Shares issuable on conversion of the principal amount of the Loans are subject to a four-month hold period that commenced on May 24, 2022 and will expire on September 25, 2022, in accordance with applicable securities laws and the policies of the stock market.

ON BEHALF OF COUNCIL

SCORPION GOLD CORPORATION

Chris Zerg
President and CEO

Tel: (775) 753-4778
Email: czerga@scorpiogold.com

Website: www.scorpiogold.com

Neither the 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.

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Generally forward-looking statements can be identified by the use of terminology such as “anticipate”, “will”, “expect”, “may”, “continue”, “could”, “estimate”, “forecast”, “plan” , “potential” and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, the final approval of the Exchange to the Loans and the anticipated use of funds for the Loans. These forward-looking statements are based on a number of assumptions which may prove to be incorrect.

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Allegiant Travel Company agrees to sell $550.0 million in aggregate principal amount of its 7.250% Senior Secured Notes due 2027 https://sendika12.org/allegiant-travel-company-agrees-to-sell-550-0-million-in-aggregate-principal-amount-of-its-7-250-senior-secured-notes-due-2027/ Thu, 11 Aug 2022 01:00:00 +0000 https://sendika12.org/allegiant-travel-company-agrees-to-sell-550-0-million-in-aggregate-principal-amount-of-its-7-250-senior-secured-notes-due-2027/ Allegiant Travel Company has agreed to sell $550.0 million in aggregate principal amount of its 7.250% Senior Secured Notes due 2027 at an offering price of 99.486% of their principal amount to investors under of a private offer. The offering size was increased by $50 million from the previously announced offering size of $500 million. […]]]>

Allegiant Travel Company has agreed to sell $550.0 million in aggregate principal amount of its 7.250% Senior Secured Notes due 2027 at an offering price of 99.486% of their principal amount to investors under of a private offer. The offering size was increased by $50 million from the previously announced offering size of $500 million. The Notes are expected to be issued on August 17, 2022, subject to customary closing conditions. Each of the Company’s subsidiaries will guarantee the tickets, except for Dustland, LLC, Sunseeker Resorts Inc. and its subsidiaries and certain other non-material subsidiaries. The Notes and related security will be secured by security interests in substantially all of the property and assets of the Company and the guarantors of the Notes, excluding aircraft, aircraft engines, real estate and certain other assets. . The collateral that will secure the Notes currently secures the Company’s existing $150.0 million 8.500% Senior Secured Notes due 2024 and the Company’s Term Loan B. The Company will use the net proceeds from the sale of the Notes to repay the Company’s Term Loan B, which has an outstanding principal amount of $533 million, and to pay the fees and expenses of the transaction.

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