Loan note11 Mar 2020 18:33
Is it inconceivable that Art walks off with the company in 6 months from the secured loan note date ? What would you do 10% interest and your money back or the company .
More details are needed to what the Loan is exactly secured on IMO
Calgary, Canada, February 21, 2020 - Canadian Overseas Petroleum Limited ("COPL" or the "Company") (XOP: CSE) & (COPL: LSE), an international oil and gas exploration and development company focused on sub-Sahara Africa, today announced it has entered into a Promissory Note, effective 14 February 2020 (the "Issue Date"), with Arthur Millholland, President and CEO of the Company, (the "Holder") for a principal amount of CAD$200,000 (the "Note"). The Note is repayable by the Company six (6) months from the Issue Date and bears interest in Canadian Dollars at a rate of ten per cent (10%) per annum. No payments of interest or principal amount will be required by the Company prior to Maturity although the Company may elect to prepay a portion or all of the outstanding principal amount of the Note prior to that date. The Note is secured by the Company by way of a General Security Agreement over its present and after acquired personal property and is to be guaranteed by the Company's subsidiaries.