Energem plans $15 million convertible sale

New York, July 30 - Energem Resources Inc. said it is planning a $15 million offering of 12% unsecured convertible debentures with a three-year maturity.

The conversion price will be C$2.25.

The debentures will be callable at a premium.

Energem said "a number" of accredited institutional funds have expressed interest in the proposed brokered offering.

The Vancouver, B.C. company will use proceeds for its energy and mining projects and the capital and working capital needs of its related trading activities.

The convertible sale is subject to approval from various regulators.

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