6% convertible notes were sold with warrants
By Devika Patel
Knoxville, Tenn., July 23 – TriMetals Mining Inc. said it completed a C$2.3 million non-brokered private placement of 6% convertible notes.
The notes mature on July 23, 2018, which may be extended to July 23, 2020. The notes convert to common stock at C$0.20 per share, which is a 400% premium to C$0.04, the July 22 closing share price. The company may force conversion.
Investors also received 7,446,486 warrants. Each warrant is exercisable at C$0.10 until July 23, 2017. The strike price is a 150% premium to the July 22 closing share price.
Proceeds will be used for general corporate purposes, including interest payments on the notes and exploration and development at the Gold Springs project.
The precious metals explorer is based in Vancouver, B.C.
| Issuer: | TriMetals Mining Inc.
|
| Issue: | Convertible notes
|
| Amount: | C$2,296,000
|
| Maturity: | July 23, 2018, extendible to July 23, 2020
|
| Coupon: | 6%
|
| Conversion price: | C$0.20
|
| Conversion premium: | 60%
|
| Call: | Yes
|
| Warrants: | 7,446,486
|
| Warrant expiration: | July 23, 2017
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Settlement date: | July 23
|
| Stock symbol: | Toronto: TMI
|
| Stock price: | C$0.04 at close July 22
|
| Market capitalization: | C$6.11 million
|
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