Remstar Resources Ltd. has entered into an unsecured loan agreement with an arm's-length party in the principal amount of $50,000. The loan bears interest at 12 per cent per annum and matures on July 28, 2014. In consideration for the loan, the company will issue 200,000 common shares at a deemed price of five cents per share to the lender.
In accordance with applicable securities laws, the common shares of the company to be issued under the agreement will be subject to a four-month hold period.
This transaction is subject to the acceptance for filing by the TSX Venture Exchange.
We seek Safe Harbor.