TORONTO, ONTARIO--(Marketwire - Feb. 27, 2013) - Duncan Park Holdings Corporation (News - Market indicators)(OTCQX:DCNPF) announced that its board of directors has authorized the Corporation to increase its previously announced borrowing limit from $150,000 to $300,000. Pursuant to this borrowing authority, the Corporation has entered into an unsecured term loan agreement with a non-arm's length party to borrow $56,000 (the "Loan"). The Loan bears an interest rate of 5% per annum, calculated annually and is due and payable on or before March 15, 2014.
The Loan was made by Ian McAvity, president, CEO, a director and a 10%+ shareholder of the Corporation. Proceeds of the Loan will be used for working capital purposes and may be prepaid by the Corporation prior to its maturity date without penalty.
The financing was approved by non-interested directors of the Corporation. A material change report in respect of the financing will be filed on SEDAR in accordance with applicable securities law. The report could not be filed at least 21 days prior to closing as material information concerning the financing was not then known by the Corporation.
About Duncan Park
Duncan Park is a Toronto-based mineral exploration company exploring for gold and other precious metals in Ontario's prolific Red Lake gold mining district.