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NOTES PAYBLE
 12 Months Ended
Dec. 31, 2022
Notes Payble Discloser

13. NOTE PAYABLE

 

On March 21, 2022, the Company closed the acquisition of the La Preciosa property from Coeur Mining Inc. (see Note 5 for further details). As part of the agreement, the Company issued a promissory note payable of $5 million due on or before March 21, 2023. The present value of $4,665 of the note payable was calculated using a discount interest rate of 6.71%.

 

The note is unsecured and non-interest bearing assuming that the note is paid in full on or before March 21, 2023. If the note is not paid by March 21, 2023, a sum of $1 million shall be added to the principal amount and the note shall bear interest at a rate of 7% per annum and will be payable on demand.

 

The continuity of the note payable is as follows:

 

 

 

December 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Balance at beginning of the period

 

$-

 

 

$-

 

Additions

 

 

4,665

 

 

 

-

 

Repayments

 

 

-

 

 

 

-

 

Unwinding of fair value adjustment

 

 

261

 

 

 

-

 

Balance at end of the period

 

$4,926

 

 

$-