Majestic Gold Corp. (MJGCF)
Majestic Gold Corp. engages in the exploration and development of mineral properties in China. The company focuses on its gold project located in the prolific gold region of Song Jiagou in eastern Shandong Province. Majestic Gold Corp. is headquartered in Vancouver, Canada.
The density of gold is 19.3 times that of water at 20°C (68°F), so that 1 ft3 of gold weighs about 1200 lb (1 m3, about 19,000 kg). Masses of gold, like those of other precious metals, are measured on the troy scale, which counts 12 oz to the pound. Gold melts at 1064.43°C (1947.97°F) and boils at 2860°C (5180°F). It is somewhat volatile well below its boiling point. Gold is a good conductor of heat and electricity. It is the most malleable and ductile metal. It can easily be made into translucent sheets 0.0000039 in. (0.00001 mm) thick or drawn into wire weighing only 0.00005 oz/ft (0.5 mg/m). The quality of gold is expressed on the fineness scale as parts of pure gold per thousand parts of total metal, or on the karat scale as parts of pure gold per 24 parts of total metal. Gold readily dissolves in mercury to form amalgams. Gold is one of the least active metals chemically. It does not tarnish or burn in air. It is inert to strong alkaline solutions and to all pure acids except selenic acid.
Majestic Gold Corp. (MJGCF.PK) has arranged a $10,000,000 loan to advance its Song Jiagou project in China. Nine million dollars ($9,000,000) from the proceeds from the loan will be used by the Company to in connection with its Song Jiagou project and the balance of one million dollars ($1,000,000) for general working capital purposes.
The loan will have a one year term and loan principal will be convertible at the option of the lender in whole or in part into common shares ("Shares") of the Company until twelve months from the date of the loan advance at the price of $0.205 per Share. The loan will bear interest at the rate of 7.5% per annum, payable on maturity, and accrued and unpaid interest will be convertible at the option of the lender in whole or in part into shares of the Company until twelve months from the date of the loan advance at Market Price at the time of conversion.
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