option to acquire el roble copper project chil, page-47

appears to be the advances made by Cadan to PMC

we took over 80% of PMC

appears big mahn was right

The loan payable represents advances from the former Parent, Cadan Resources Corporation, of Philco Mining Corporation. Details of the terms of this loan are as follows:
On January 17, 2012, MNE Holdings Pty Ltd, Mining Group Limited, Philco Holdings Inc, and Cadan Resources Corporation entered into a Shareholders Agreement with the Philco Mining Corp.
Significant provisions are as follows: a) Loan from Cadan and MPL shareholders loan shall accrue interest based on London Interbank offered Rate (LIBOR) and a margin of three percent (3%) per annum; accruing upon commencement of commercial production. b) Except as the Shareholders may otherwise agree in writing subsequent to the execution of the Agreement, both the Loan from Cadan and the MPL shareholder’s loan shall be non-recourse to the Company; c) Cadan Resources Corporation, Philco Holdings Inc., and MNE Holdings will not have the right to demand repayment from PMC; and d) The Loan from Cadan and MPL Shareholders’ Loan will only be paid within 12 months from commercial production.