Asia Pacific Resources Ltd. Announces a US$500,000 Loan.Business Editors TORONTO--(BUSINESS WIRE)--Jan. 16, 2004 Asia Pacific Resources Ltd. (the "Company") announced that Olympus Olympus (ōlĭm`pəs), Gr. Ólimbos, mountain range, c.25 mi (40 km) long, N Greece, on the border of Thessaly and Macedonia, near the Aegean coast. It rises to c.9,570 ft (2,920 m) at Mt. Olympus, the highest point in Greece. Capital Holdings Asia I, L.P. ("Olympus") has advanced a US$500,000 convertible loan to the Company with an interest rate of 5% per annum Per annum Yearly. for working capital purposes. The loan is for a term of one year, but may be extended in increments of six months by the agreement of the parties. Should the Company undertake a third party financing of at least US$500,000, Olympus, subject to regulatory approval, will have the right to convert the loan into such security on the same terms as the financing. Any proceeds from the sale by the Company or its subsidiary of any securities or assets in excess of amounts required for the development of its potash potash: see potassium carbonate. potash Name used for various inorganic compounds of potassium, chiefly the carbonate (K2CO3), a white crystalline material formerly obtained from wood ashes. project may be required to be applied to repay the loan, if not converted by Olympus, subject to the Company maintaining adequate working capital. This transaction is a related party transaction under applicable Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. securities legislation as Olympus holds in excess of 50% of the issued capital of the Company and has three nominee nominee n. 1) a person or entity who is requested or named to act for another, such as an agent or trustee. 2) a potential successor to another's rights under a contract. directors on the Company's board of directors. The terms and conditions of the loan and the benefits to the Company of obtaining this financing were reviewed and approved by those members of the Company's Board of Directors who are at arm's length arm's length adj. the description of an agreement made by two parties freely and independently of each other, and without some special relationship, such as being a relative, having another deal on the side or one party having complete control of the other. to Olympus. The Company has closed this financing with a notice period of less than 21 days as this financing became available on favourable terms and is of benefit to the Company. |
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