VANCOUVER, British Columbia, November 18, 2022 (GLOBE NEWSWIRE) – AIS Resources Limited ((TSX.V: AIS, OTCQB:AISSF) (the “Company” or “AIS”) announces that it has reached an agreement in principle with two independent lenders to extend the term of the lenders’ loans to the Company by five months.

The Company entered into loan agreements with the independent lenders in November 2021 for loans totaling $250,000 maturing one year from the date of the respective loan agreements. The loans bore interest at 6% pa. A total of 3,000,000 warrants to purchase common shares have been issued in connection with the loans and will expire concurrently with the term of the loans.

The lenders have agreed to extend the maturity of their respective loans by five months at an interest rate of 9.5% per annum.

In consideration of the Loan Extensions, the Company will grant a total of 8,333,333 Bonus Warrants to the Lenders. Each Bonus Warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.03 per share for one year. The Bonus Warrants and the underlying common shares are subject to a four month hold period from the date of issuance in accordance with applicable securities laws.

The loan extension and the issuance of warrants are subject to acceptance by the TSXV.

About AIS Resources Limited
AIS Resources Limited is a publicly traded investment issuer listed on the TSX Venture Exchange focused on exploration for lithium, gold, precious and base metals. AIS’ value creation strategy is to acquire prospective exploration projects and increase their value by better defining the mineral resource to attract joint venture partners and add value to our portfolio. The firm is led by a team of experienced geologists and investment bankers with a track record of successful capital markets performance.

AIS owns 100% of the 28 km² Fosterville-Toolleen Gold Project, located 9.9 km from Kirkland Lakes…