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Calgary, Alberta–(May 2, 2022) – Athabasca Minerals Inc. (TSXV: AMI) (“Athabasca” or the “Corporation”), an integrated group of companies that supplies sand products, aggregates, technical services and competitive market solutions using technology, announces that it has entered into an insider-led, non-dilutive shareholder loan agreement (the “Loan”) for funds of approximately $2 million. The Loan is backed by Directors, Officers, members of senior management and two existing, arms-length AMI investors.
The Loan closed on April 29, 2022, and will support near-term working capital opportunities in 2022. The Loan has a period of one (1) year from the closing date (the “Period”), with 12% interest, flexibility for accelerated repayment without penalties, and with no closing or ancillary fees.
Robert Beekhuizen, CEO of Athabasca Minerals states: “AMI is seeing an increasing number of opportunities across the company, including increased demand for sand & gravel from its corporate pits in its base division, AMI Aggregates. The shareholder Loan is a rapid response to pursue these opportunities with contracting strategies and working capital to commence production and sales. Management is pleased with the confidence and financial support from our Board of Directors, officers, select staff and the participating arms-length AMI investors which allows us to maintain momentum with these upcoming pursuits.”
ABOUT ATHABASCA MINERALS INC.
Athabasca Minerals is an integrated group of companies capable of full life-cycle development and supply of aggregates and industrial minerals. The Corporation is comprised of the following business units: AMI Silica, (www.amisilica.com) with resource holdings and business interests in Alberta, North-East BC, and the United States; AMI Aggregates, with aggregates from its corporate pits and which manages the Coffey Lake Public Pit for the Government of Alberta; Métis North Sand & Gravel which is a strategic partnership with the McKay Métis Group to deliver aggregates to the energy, infrastructure, and construction sectors in the Wood Buffalo region; AMI RockChain, a technology-enabled business using its proprietary RockChain™ digital platform, automated supply-chain and logistics solutions, quality-assurance & safety programs to deliver products across Canada; and TerraShift Engineering which conducts resource exploration, regulatory, mining, environmental and reclamation engineering for a growing nation-wide customer base and is also the developer of its proprietary TerraMaps™ software.
For further information, please contact:
Cheryl Grue, Director, Corporate Affairs
Tel: 587-392-5862 / Email: [email protected]
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