Three Valley Copper Corp. (TSXV: TVC) announced the formal extension of the maturity date for a secured convertible promissory note from Selma House LLC to July 24, 2026. This marks a further extension from the previously agreed-upon date of July 24, 2025, which itself was an extension from the original July 24, 2024 maturity. The promissory note has a principal amount of up to USD$1,000,000.
As of the announcement date, Selma House LLC has drawn down a total of USD$800,000 in principal against the promissory note. The note carries an interest rate of 10% per annum, calculated monthly, and is secured against all assets of Selma, primarily consisting of real estate assets and receivables. Three Valley Copper Corp. retains the right to convert the outstanding principal into a 47.2% ownership interest in Selma at any time.
This extension provides additional flexibility for Selma House LLC and impacts Three Valley Copper Corp.'s financial position as a lender. The company had previously agreed to forbear from exercising its rights under the note and sought this formal extension upon completion of its change of business from a mining issuer to an investment issuer.
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