Chatham Rock says oops: we forgot to tell you ...

Executive Summary

• Chatham Rock Phosphate Ltd. entered into a secured loan agreement with Wetstone Global Inc. for $150,000 USD, to be utilized by its subsidiary Chatham Rock Phosphate (NZ) Ltd. (CRPNZ) for working capital.
• The loan is secured against the assets of CRPNZ, specifically the Chatham Rise project.
• The agreement includes a conversion feature allowing the loan to be converted into shares of CRPNZ, but only upon CRPNZ entering into a definitive agreement for equity finance.

Key Details

• Lender: Wetstone Global Inc. (arm's-length party) and its wholly owned subsidiary Chatham Rock Phosphate (NZ) Ltd. (CRPNZ).
• Borrower: Chatham Rock Phosphate (NZ) Ltd. (CRPNZ).
• Loan Amount: $150,000 (U.S.).
• Purpose: Working capital for CRPNZ.
• Security: Secured against the assets of CRPNZ, specifically the Chatham Rise project.
• Conversion Terms: The loan may be converted into shares of CRPNZ only if CRPNZ enters into a definitive agreement regarding a transaction involving the provision of equity finance (including financial instruments convertible into equity). The conversion rate is fixed under the loan agreement.
• Fees: No finder's fee was payable in connection with the loan.
• Disclosure Note: The company states it did not announce the loan agreement on the date of signing in error.

Notable Quotes

• "We seek Safe Harbor."