TORONTO, ONTARIO--(Marketwired - May 22, 2014) - Duncan Park Holdings Corporation (TSX VENTURE:DPH) announced that it has entered into unsecured term loan agreements to borrow a total of $40,000 from two non-arm's length parties (the "Loans"). The Loans bear an interest rate of 5% per annum, calculated annually and are due and payable on December 15, 2015.
Loans of $20,000 were made by each of Chairman of the Corporation and the President/CEO of the Corporation (who is also a 10%+ shareholder). Proceeds from the Loans will be used for working capital purposes and may be prepaid by the Corporation prior to their maturity date without penalty.
The Loans were approved by non-interested directors of the Corporation. A material change report in respect of the Loans will be filed on SEDAR in accordance with applicable securities law. The report could not be filed at least 21 days prior to closing as material information concerning the Loans was not then known by the Corporation.
About Duncan Park
Duncan Park is a Toronto-based mineral exploration company exploring for gold and other precious metals in Ontario's prolific Red Lake gold mining district.
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.