Toronto, Ontario / ACCESSWIRE / November 19, 2014 / Silver Shield Resources (NEX: SSR.H) ("Silver Shield" or the "Corporation") announced today that it has entered into a loan agreement with BlackBirch Capital of Toronto for the amount of Fifty Thousand Dollars ("$50,000.00") CDN. Use of the loan proceeds will be used exclusively to complete and file the Corporations 2013 Audited Financial Statements, its Q1 - Q3 2014 interim financial statements, and for any other costs the Corporation will need to incur that are necessary in order for current Cease Trade Orders to be removed from the Corporation, and for any other costs associated in being reinstated back onto the TSX Venture Exchange.
The loan bears an interest rate of 24% per annum and the Corporation - once the current trading suspension is lifted and pending approval by the TSX Venture Exchange - will issue BlackBirch Capital Fifty Thousand ("50,000") common share purchase warrants.
Repayment of the loan is due within six months from the commencement date however the lender has the option to extend the repayment date from six months to one year. Each share purchase warrant shall allow the holder to acquire one common share of the Corporation at a price of $0.10 per share. The warrants shall expire 24 months from the date of issuance.
Currently, the Corporation is under three Cease Trade Orders in Ontario, Alberta and British Columbia for failing to file the Corporation's 2013 Audited Annual Financial Statements and the three 2014 Quarterly Financial Statements and the accompanying Management Discussion and Analysis to these Financial Statements.
Once the 2013 Audited Financial Statements and all of the 2014 Interim Financial Statements are completed, the Corporation will apply to the Ontario Securities Commission, Alberta Securities Commission and British Columbia Securities Commission for revocation of the current cease trade orders. The Corporation will also apply to the TSX Venture Exchange for a TSX Venture Exchange reinstatement application so that the Corporation's common shares can resume trading on the NEX Board. Although the Corporation is confident that the aforementioned Securities Exchange Commissions will grant the Corporation revocation of the current cease trade orders, and that the TSX Venture Exchange will grant reinstatement of trading of the Corporation's common shares on the NEX Board, there are no guarantees, and that any approval for revocation and reinstatement is solely at the discretion of the aforementioned Securities Exchange Commissions and the TSX Venture Exchange.
About BlackBirch Capital
BlackBirch Capital is a private merchant bank assisting and providing value to developing private and public companies. BlackBirch work with emerging, high growth businesses that we believe offer compelling and significant investment opportunities. BlackBirch provides capital and strategic, business, and financial expertise to early-stage and mid-market companies before, during and after the going public process. This method ensures that companies are fully prepared to maximize the benefits of accessing the capital markets, ultimately building long-term sustainable value for their shareholders.
About Silver Shield Resources
Silver Shield Resources is determined to become a world class silver producing company. The Corporation continues to source both debt and equity financing to move the Corporations quality projects to first stage production. For more information please visit the corporate website at www.silvershieldresources.net.
For further information please contact:
Mr. Frank Kordy Mr. Paul Haber
Director & Interim Chief Operating Officer Chairman & Managing Director
Silver Shield Resources Corp. BlackBirch Capital Inc.
T: (416) 883 - 9112 T: (416) 318-6501
E: [email protected] E: [email protected]
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release
SOURCE: Silver Shield Resources