Indico Resources Ltd. announced that it will receive CAD 60,000 in convertible loan on September 22, 2023. The transaction will include participation from certain related parties of the company. The convertible loan carry an interest rate of 255 per annum and will payable on a date to be determined after the first financing the company completes after shares are reinstated for trading on the TSXV.

The lenders have option to convert the balance of principal amount into shares, at a price equal to the last closing price of the shares prior to suspension from trading. The transaction is subject to approval from TSXV exchange.