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Armistice Resources signs term sheet for proposed US$11 million project loan facility

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Armistice Resources Corp.

On November 15, 2010, Armistice Resources Corp. (TSX: AZ) announced that it had signed a term sheet with respect to entering into a loan facility agreement for up to $11 million with Sprott Resource Lending Partnership (SRLP). The term sheet proposes that SRLP will make an initial advance to Armistice of $7 million on closing, with an additional $4 million second tranche available on or before June 30, 2011. Armistice expects to use the proceeds of the loan facility for the development of its McGarry Mine gold project and for exploration of the Kerr-Addison property. If completed, it is currently expected that the loan facility would be due and payable in full on or before November 30, 2012.Armistice was advised in this transaction by Fasken Martineau with a team that included David Johnson (banking), Michael Bourassa and Alex Nikolic (corporate) and Andrea Centa (real estate).

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