Barkerville granted trade window to work on new NI 43-101
Barkerville Gold Mines Ltd. (TSX-V: BGM) announced on Thursday that it has received a partial revocation of the cease-trade order issued by the British Columbia Securities Commission August 14.
Barkerville was ordered to cease trading after its failure to file a technical report in the form required with regard to its Cow Mountain deposit gold resource.
The partial revocation is for the sole purpose of allowing the completion of a loan by Frank Callaghan (pictured) to the company according to a press release. Callaghan has been the company's CEO and president since 1991, and is also chairman of its board of directors.
Callaghan has agreed to loans of up to a total of $2.44 million, with an annual interest rate of 20%, which will be reduced to 10% providing certain stipulations are met.
The proceeds of the loan will be used to the cover costs of the National Instrument 43-101 technical report, business overhead and to pay outstanding salaries and consulting fees.
The company says it hopes to have a new compliant 43-101 ready in "one to two months" so that the cease-trade order can be lifted entirely.