Royalty North Announces Sale and Settlement of Loan Agreement
Vancouver, British Columbia--(Newsfile Corp. - February 27, 2018) - Royalty North Partners Ltd. (TSXV: RNP) ("RNP" or the "Company") announces that further to its press release dated January 9, 2018 it has entered into a purchase agreement with Miramar Financial Group and David Karp to sell the Company's loan and royalty agreement on Country Wine & Spirits, Inc ("CWS") for a cash sum of US$300,000. These funds have already been received by the Company and used to reduce indebtedness.
The Company has also entered into a settlement agreement with CWS whereby CWS will pay to RNP the sum of US$1,200,000 over the next 30 months at which point all CWS obligations to RNP will be extinguished.
On behalf of the Company,
Chief Executive Officer and Director
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