High North Resources Ltd. advised that it has entered into an amending agreement with the Farmors as of June 30, 2014 (the Amending Agreement'), whereby the obligation to pay the further sum of $4,000,000 has been extended by way of a loan, bearing an interest rate of prime plus 1% until October 31, 2014 (the Loan'). In addition, the Amending Agreement also provides the Company with the opportunity to suspend the payment of certain delay payments relative to specific drilling obligations from July 1, 2014 to October 31, 2014 (the Delay Payments'). The Loan and the suspension of the Delay Payments free up considerable short term cash for the Company.
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