Brookwater Ventures Inc. (TSX VENTURE:BW) announces that it has entered into a promissory note with a third party lender, pursuant to which the Note Holder has agreed to lend to the Company US$850,000. The Company intends to use the proceeds of the Promissory Note for general working capital purposes.
The principal under the Promissory Note will incur an interest rate of 12% per year and the Promissory Note shall mature on July 19, 2013. The Promissory Note is secured against all of the assets of the Company and ranks senior in priority and preference to any other indebtedness or other encumbrance of the Company.
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