Toronto, Ontario – (Newsfile Corp. – October 30, 2019) – James Bay Resources Limited (CSE: JBR) (“James Bay“or the”Society“) announced today that it has initiated legal proceedings in the State of California to collect overdue amounts owed under a secured loan agreement (the”Guaranteed loan agreement“) with CB Holding Group Corp., a California-based company (the”Borrower“) involved in organizing the sale of CBD and THC vape pens to authorized distributors (see James Bay’s previous disclosure regarding the secured loan agreement reached on December 21, 2018). Legal proceedings are also pending. brought against companies related to the borrower (collectively, the “Borrowers“), as well as David Bunevacz, consultant of the Borrower, Mary Hayca Bunevacz, executive and majority shareholder of the Borrower, and 2 natural persons who have personally undertaken to guarantee the obligations of the Borrowers. file a Complaint in the Superior Court of the State of California, Los Angeles County, for breach of contract, unjust enrichment, fraud, repossession of personal property and appointment of a receiver.
Under the secured loan agreement, James Bay has advanced a total of US $ 3.5 million to the borrower (the “”Secured loan“), with the loan secured plus all accrued and unpaid interest repayable on the six month anniversary of the advance of funds (the”Due date“). The Secured Loan is fully guaranteed by all assets, businesses and affairs of the Borrowers, and personally guaranteed by Mary Hayca Bunevacz and 2 other persons associated with the Borrowers. Until and since the Maturity Date, James Bay had worked with the borrower and his management in an attempt to sell various stocks and receive payment for his secured loan, but these efforts were unsuccessful.With interest and expenses, the total amount currently outstanding under the The secured loan agreement is around $ 4.3 million, all of which is claimed by James Bay in legal proceedings.
About James Bay Resources Limited
James Bay is a Canadian resource company with 46,697,405 shares outstanding and trades on the Canadian Securities Exchange under the symbol “JBR”. Please visit the James Bay website at www.jamesbayresources.com.
This press release includes certain statements that may be considered “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Forward-looking statements include, without limitation, statements regarding operations, exploration and development plans, expansion plans, estimates, expectations, forecasts, objectives, predictions and projections of the future of the Company. Generally, such forward-looking statements may be identified by forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “expected”, “estimates”. “,” Projects “,” intends “,” anticipates “, or” does not anticipate “, or” believes “, or” variations of these words and expressions or declares that certain actions, events or results ” may “,” may “,” could “,” would “,” could “or” will “be” taken “,” occur “or” be achieved “. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, level of activity, performance or achievements of James Bay Resources Limited to be materially different from those expressed or implied by these forward-looking statements. , including, but not limited to: risks relating to the business of the Company in general and the repayment of the secured loan, risks relating to operations, construction delays and cost overruns, actual results of operations of exploration, development and construction, conclusions of economic assessments, changes in project parameters as plans continue to be refined, future commodity prices, as well as factors discussed in the related sections our business risk factors filed in required securities filings of James Bay Resources Limited on SEDAR. Although James Bay Resources Limited has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to differ materially from those anticipated. , described, estimated, evaluated or planned. .
There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking statements. James Bay Resources Limited does not undertake to update any forward-looking statements which are incorporated by reference herein, except in accordance with applicable securities laws.
For more information on James Bay, please contact:
President and CEO
Phone. : 416-366-4200
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this press release.
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