Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 31, 2012
MAGELLAN GOLD CORPORATION
2010A Harbison Drive # 312, Vacaville, CA 95687
Registrant's telephone number, including area code: (707) 884-3766
(Former name or former address, if changed since last report)
Effective December 31, 2012 the Board of Directors of Magellan Gold Corporation (the Company) approved a Credit Agreement effective December 31, 2012 wherein the Company (as Borrower) was extended a credit facility by John D. Gibbs (as Lender) in the maximum amount of $250,000.
Lenders commitment to lend under the Credit Agreement terminates December 31, 2014 unless the same is extended pursuant to the terms and conditions set forth in the Credit Agreement.
Interest will accrue on the daily outstanding Credit Balance (as defined in the Credit Agreement) at the rate of 6% per annum.
The repayment of the Credit Balance to Lender is unsecured.
ITEM 9.01: FINANCIAL STATEMENTS AND EXHIBITS
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.