Falco makes C$15.9 million loan convertible, extends maturity to 2022

By Devika Patel

Knoxville, Tenn., Nov. 30 – Falco Resources Ltd. extended the maturity of its C$15.9 million 7% secured senior loan with Osisko Gold Royalties Ltd. to Dec. 31, 2022 from Dec. 31, 2020 on Nov. 27, according to a press release.

In addition, the loan was amended to become convertible into common stock after one year at C$0.55 per share.

Osisko also received 10,664,324 warrants, each exercisable at C$0.69 for two years.

The loan was negotiated on Feb. 22, 2019 and previously increased to C$15.9 million from C$10 million and extended by one year to Dec. 31, 2020 from Dec. 31, 2019 on Nov. 25, 2019.

The gold and base metals explorer is based in Montreal.

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