Proceeds help enforce company’s right to acquire an interest in OML 25
By Devika Patel
Knoxville, Tenn., April 16 – James Bay Resources Ltd. said it plans a C$3 million non-brokered private placement of 15% convertible debentures.
The three-year debentures convert to common stock at C$0.17 per share. The conversion price is a 67.31% discount to C$0.52, the April 15 closing share price. The debentures may be prepaid at any time without penalty.
Settlement of the final tranche is expected May 31.
Proceeds will be used for working capital needs, including any litigation issues stemming from the company's enforcement of its right to acquire a 45% interest in OML 25 in Nigeria.
The resource company is based in Toronto.
| Issuer: | James Bay Resources Ltd.
|
| Issue: | Convertible debentures
|
| Amount: | C$3 million
|
| Maturity: | Three years
|
| Coupon: | 15%
|
| Conversion price: | C$0.17
|
| Call option: | Without penalty
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | April 16
|
| Settlement date: | May 31
|
| Stock symbol: | TSX Venture: JBR
|
| Stock price: | C$0.52 at close April 15
|
| Market capitalization: | C$17.81 million
|
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