Africa Oil Corp. reports that an insider of the Company has agreed to provide a loan to Africa Oil in the amount of Cdn $4 million at an interest rate of prime plus 2% for short term working capital purposes. As a condition of the loan, the lender will receive a bonus payment of 188,679 shares of Africa Oil, subject to regulatory approval. These shares will be subject to a four month and one day hold period.
The loan has an initial term of 6 months and may be re-paid in part or full at anytime without penalty.
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