Deal sells two-year debentures with 3,333 warrants per C$1,000 bought
By Devika Patel
Knoxville, Tenn., July 5 – Explor Resources Inc. said it settled a C$1.2 million non-brokered private placement of convertible debenture units.
The company sold 1,200 units of a C$1,000 7% unsecured convertible debenture and 3,333 warrants at C$1,000 per unit. The convertibles mature on July 5, 2018 and are convertible into common stock at C$0.15 per share.
Each warrant is exercisable at C$0.20 until July 5, 2018. The strike price reflects a 42.86% premium to the July 4 closing share price of C$0.14. The conversion price is a 7.14% premium to that price.
Explor is a gold and base metals exploration company based in Rouyn-Noranda, Quebec.
| Issuer: | Explor Resources Inc.
|
| Issue: | Units of a C$1,000 unsecured convertible debenture and 3,333 warrants
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| Amount: | C$1.2 million
|
| Units: | 1,200
|
| Price: | C$1,000
|
| Maturity: | July 5, 2018
|
| Coupon: | 7%
|
| Conversion price: | C$0.15
|
| Conversion premium: | 7.14%
|
| Warrants: | 3,333 warrants per unit
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| Warrant expiration: | July 5, 2018
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| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
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| Settlement date: | July 5
|
| Stock symbol: | TSX Venture: EXS
|
| Stock price: | C$0.14 at close July 4
|
| Market capitalization: | C$12.5 million
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