Company sells secured convertible debenture to investor Anfield Nickel
By Devika Patel
Knoxville, Tenn., March 9 – Magellan Minerals Ltd. said it arranged a C$1.68 million private placement of a secured convertible debenture with Anfield Nickel Corp.
The 8% note is initially convertible into common shares at C$0.06 per share, which is identical to the March 8 closing share price. The note matures 30 days following Anfield’s planned acquisition of Magellan.
Proceeds will be used for working capital and to make an $855,000 payment owed to Troy Resources Ltd. on March 15.
The gold and bauxite explorer is based in Vancouver, B.C.
| Issuer: | Magellan Minerals Ltd.
|
| Issue: | Secured convertible debenture
|
| Amount: | C$1,675,000
|
| Maturity: | 30 days after transaction with investor
|
| Coupon: | 8%
|
| Conversion price: | C$0.06
|
| Warrants: | No
|
| Investor: | Anfield Nickel Corp.
|
| Settlement date: | March 9
|
| Stock symbol: | TSX Venture: MNM
|
| Stock price: | C$0.06 at close on March 8
|
| Market capitalization: | C$9.89 million
|
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