In recent times, there has been a renewed interest in gold-producing companies owing to the remarkable rise in the price of gold. There are a number of companies that one could choose to follow, and one of those could be Inca One Gold Corporation (OTC:INCAF). The gold producer operates a pair of mineral-producing facilities located in Peru, and yesterday it came into focus after it came up with a key corporate update. The company announced that on April 8, it had been sent a notice of default in relation to missed gold loan payments by OCIM Precious Metals.
It had become due in line with the company’s Gold Pre-Payment Facility with OCIM and had been announced on August 9, 2021. Thanks to the facility, there was an immediate $6 million drawdown that was going to be payable in 4181 gold ounces in equal monthly payments amounting to 261.3 ounces. The company was going to have access to $3 million more following the payment of 50% of the facility. The missed payment was for 75 ounces of gold that had been valued at $170,000. Inca One Gold Corporation also announced yesterday that it was taking concrete steps in order to make its financial position more stable and grow sustainably over the long term.
On March 28, the company announced that Adrian Morger had resigned from his position on the Inca One Gold Corporation board of directors. In the news release, the company noted that Morger had been a valuable member of the board for seven years and played a major role in the strategic direction of the company during that period. The Chief Executive Officer of the company, Edward Kelly, thanked Morger for his services and contributions during his stint on the company’s board of directors. He also commended his commitment and vision.
