Maxtech Ventures is a Canadian resource exploration and development company with diversified mining assets in Canada and internationally.
| March 11, 2009 Maxtech Announces Loan Agreement | |
| March 11, 2009 -- Vancouver, BC, Maxtech Ventures Inc. ("Maxtech" or the "Company") (TSX.V: MVT) announced today that it has entered into a secured loan agreement (the "Loan Agreement") with Abacus Mining and Exploration Corp. ("Abacus") in the aggregate amount of up to $2,500,000 (the "Loan"). Under the terms of the Loan Agreement, Abacus shall pay the principal and interest due on the Loan no later than twelve (12) months from the date of advance of the Loan subject to the right of Abacus to prepay the Loan, in whole or in part, at any time after six (6) months, without further interest or penalty. Interest on the Loan accrues at the rate of twelve (12%) percent per annum, compounded monthly. As partial consideration for the Loan, Abacus has agreed to issue to Maxtech by way of a non-refundable bonus, 1,250,000 common shares in the capital of Abacus. The Loan is secured, inter alia, by a first-ranking security interest in Abacus' expected 2008 mineral exploration tax credit from British Columbia government and a general security agreement covering all present and subsequently acquired personal property of Abacus. The Loan Agreement and the transactions contemplated thereby are subject to approval by the TSX Venture Exchange. On Behalf of the Board of Directors signed "Thomas R. Tough" Thomas R. Tough, P.Eng President For further information, contact Thomas R. Tough by telephone at (604) 687-2038, or by email at . This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com for further information. | |
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