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Golden Eagle completes debenture agreement

Salt Lake-based Golden Eagle International Inc. announced Monday that it has completed a convertible debenture agreement with an existing accredited shareholder for a loan of $249,000 to the company.

The funds were used by the company to settle existing payment obligations without paying previously incurred penalties and interest on its gold and copper property, Buen Futuro, located in eastern Bolivia's Precambrian Shield.

The company now owes four monthly payments of $12,500 to completely satisfy its financial obligations under the Buen Futuro purchase agreement.

If Golden Eagle is successful in obtaining its minimum financing requirement for its Buen Futuro project of $10 million, it intends to move its gold bar mill and gold plant located in Eureka, Nev., to its Buen Futuro site 168 miles north of Santa Cruz, Bolivia.