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East Coast Minerals Reports Funding Package of $300,000 Secured
Monday October 12, 2009, 3:25 pm

Original Announcement: Funding Package of $300,000 Secured

East Coast Minerals reported that it has entered into a term sheet for the provision of a convertible loan with one of its major shareholders, Exchange Minerals for a facility of $300,000, with a further amount of $300,000, if requested by the company, at the Exchange's discretion. An amount of $300,000 has been drawn down from this facility. The loan is to be secured by a mortgage over the assets of ECM and can be repaid earlier by ECM during its term of 12 months.

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