Investor Sinotech (Hong Kong) helps fund Hawk Ridge exploration
By Toni Weeks
San Luis Obispo, Calif., Aug. 28 – Nickel North Exploration Corp. said it plans to complete a C$1 million to C$1.5 million private placement of unsecured convertible debentures with investor Sinotech (Hong Kong) Corp. Ltd.
The 8% one-year debenture is convertible, in whole or in part, after six months into common shares at a conversion price of C$0.10 per share and any accrued interest thereon at the greater of C$0.10 per share and the market price at the time of conversion. The conversion price is a 66.67% premium to the closing share price of C$0.06 on Aug. 27.
Proceeds will be used for exploration on the company’s Hawk Ridge project.
The Vancouver, B.C., company explores for nickel, copper and platinum group metals.
| Issuer: | Nickel North Exploration Corp.
|
| Issue: | Unsecured convertible debentures
|
| Amount: | C$1 million to C$1.5 million
|
| Maturity: | One year
|
| Coupon: | 8%
|
| Conversion price: | C$0.10
|
| Warrants: | No
|
| Investor: | Sinotech (Hong Kong) Corp. Ltd.
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| Announcement date: | Aug. 28
|
| Stock symbol: | TSX Venture: NNX
|
| Stock price: | C$0.06 at close Aug. 27
|
| Market capitalization: | C$3.29 million
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