Vancouver, B.C., July 30, 2015: Serengeti Resources Inc. (SIR: TSX-V) proposes to arrange a loan with arm’s length investors and three directors/officers (David W. Moore, Lewis Lawrick and Sheri Rempel), whereby the Company will borrow up to $100,000 (the ‘Loan’) for a term of one year, repayable in cash at the expiry of the term. Under the terms of the Loan arrangement, lenders will be paid 10% interest, compounded semi-annually and receive a 20% bonus payable in shares of the Company at a deemed price of $0.05 per share in recognition of the un-secured nature of the Loan.
Loan proceeds will be used for general and administrative expenses of the Company. Management considers the Loan to be advantageous as it provides additional liquidity and financial flexibility to the Company and considers the terms of the Loan to be reasonable in the context of the market. The Loan was reviewed and approved by the disinterested members of the Company’s board of directors.
The transaction is subject to the approval of the TSX Venture Exchange.
About Serengeti Resources Inc.
Serengeti is a mineral exploration company managed by an experienced team of professionals with a solid track record of exploration success. The Company is currently advancing its Kwanika copper-gold project and exploring its extensive portfolio of properties in the highly prospective Quesnel Trough and Stikine Arch of British Columbia. A number of these projects are available for option-joint venture and additional information can be found on the Company’s website at www.serengetiresources.com. Serengeti has 51.1 million shares issued and outstanding or 56.1 million shares on a fully diluted basis.
ON BEHALF OF THE BOARD
David W. Moore, P. Geo., President, CEO and Director
This document contains “forward-looking statements” within the meaning of applicable Canadian securities regulations. All statements other than statements of historical fact herein, including, without limitation, statements regarding exploration plans and other future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company’s documents filed from time to time via SEDAR with the Canadian regulatory agencies to whose policies we are bound. Readers are further advised not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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Serengeti Resources Inc.
Tel: 604-605-1300 Email: email@example.com Website: www.serengetiresources.com