One-year loan funds gold ore inventory purchases and working capital
By Devika Patel
Knoxville, Tenn., March 20 – Inca One Gold Corp. said it arranged a $1.5 million convertible loan with a group of lenders led by Promerita Financial Corp. that will settle in three tranches of $600,000, $500,000 and $400,000.
The 15% loan matures in one year and up to 40% of the principal may be converted into common shares at C$0.25 per share. The conversion price is identical to the March 19 closing share price. The loan may be prepaid.
Promerita was paid a 5% arrangement fee.
Proceeds will be used for gold ore inventory purchases and general working capital purposes.
The Vancouver, B.C., company, formerly known as Inca One Resources Corp., is an ore processing company that owns a gold milling facility in Peru.
| Issuer: | Inca One Gold Corp.
|
| Issue: | Convertible loan
|
| Amount: | $1.5 million
|
| Maturity: | One year
|
| Coupon: | 15%
|
| Conversion price: | C$0.25
|
| Call: | Yes
|
| Warrants: | No
|
| Investor: | Promerita Financial Corp. (lead)
|
| Fees: | 5%
|
| Pricing date: | March 20
|
| Stock symbol: | TSX Venture: IO
|
| Stock price: | C$0.25 at close March 19
|
| Market capitalization: | C$16.44 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
