Investor Bruce Matheson gets loan convertible into common-share units
By Devika Patel
Knoxville, Tenn., April 21 - Royal Mines and Minerals Corp. arranged a $250,000 6% convertible loan with Bruce Matheson on April 16, according to an 8-K filed Monday with the Securities and Exchange Commission. It has already raised $100,000.
The debt is due on April 1, 2015 and is convertible into units of one common share and a two-year warrant at $0.05 per unit. The warrants are exercisable at $0.10.
The strike price is a 400% premium to the closing price on April 15 of $0.02. The conversion price is a 150% premium to that price.
Royal Mines and Minerals, based in Henderson, Nev., is a precious metals acquisition, exploration and development company.
| Issuer: | Royal Mines and Minerals Corp.
|
| Issue: | Convertible loan
|
| Amount: | $250,000
|
| Maturity: | April 1, 2015
|
| Coupon: | 6%
|
| Conversion price: | $0.05
|
| Warrants: | One per unit upon conversion
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.10
|
| Investor: | Bruce Matheson
|
| Settlement date: | April 16 (for $100,000)
|
| Stock symbol: | OTCBB: RYMM
|
| Stock price: | $0.02 at close on April 15
|
| Market capitalization: | $4.26 million
|
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