New Peak Metals Limited (ASX-NPM) has executed a loan agreement with a private investor for $200,000 at an annual interest rate of 12%.
The loan will be secured with 1,000,000,000 shares of Lakes Blue Energy NL (ASX:LKO) and will be repaid with cash plus accrued interest.
The funds will provide the Company with working capital and the Company is also seeking joint venture partners and looking to dispose of non-core projects.
The Company will update the market in due course.