You have to search a bit to find tonight’s NR from Canyon Copper (CNV.v), it’s not even on the company website, but the news is here:
Vancouver, British Columbia–(Newsfile Corp. – April 29, 2015) – Canyon Copper Corp. (“Canyon”) (TSXV: CNC) announces that it has entered into a loan agreement with Ainsworth Jenkins Holdings Inc., a company controlled by Benjamin Ainsworth, the President and CEO of Canyon, (the “Lender”) whereby the Lender has agreed to loan Canyon CAD $250,000 (the “Loan”) for a period of one year at an interest rate of 10% per annum.
As additional consideration of the loan, Canyon has agreed to issue 500,000 common shares (“Bonus Shares”) to the Lender.
The loan agreement and the Bonus Shares are subject to the acceptance of the TSX Venture Exchange.
The Loan will be used for working capital purposes.On behalf of the Board of Directors,
“Benjamin Ainsworth“
CANYON COPPER CORP.
So, the head honcho of the company lends $250k and gets 10% interest on the deal, pretty neat. He also gets 500k bonus shares for his pleasure. But you know what the coolest bit is? The company only has 13.9m shares outstanding! Yup, this joker has just awarded himself 3.6% of the shares out of his own company, free gratis and for nothing, as well as interest on the loan.
UPDATE: And as reader J pointed out in a mail during the wee small hours:
And of course, a goodly portion of Benjamin’s loan will be used to pay his salary for another 6 months or so
Correct, sir.