- Lion Copper (LEO) has completed the first tranche of a non-brokered private placement of unsecured convertible debentures for gross proceeds of US$1,075,000
- The debentures bear an interest rate of 14 per cent per annum and mature on February 17, 2024
- The debentures are convertible into shares of the company at US$0.067 per share until June 17, 2023 and thereafter at US$0.078 per share
- Lion Copper and Gold is a Canadian mineral exploration company
- Lion Copper and Gold Corp. (LEO) remains unchanged, trading at C$0.09 per share as of 11:55 am ET
Lion Copper (LEO) has completed the first tranche of a non-brokered private placement of unsecured convertible debentures for gross proceeds of US$1,075,000.
The debentures bear an interest rate of14 per cent per annum and mature on February 17, 2024. The debentures are convertible into shares at US$0.067 per share until June 17, 2023, and then at US$0.078 per share.
The holder has the option to repay in kind at any time prior to maturity of the debentures. Repayments can be by way of shares the company owns of 1301666 BC Ltd., or its successor, (the “BC Ltd. Shares”) at the rate of US$0.25 per BC Ltd. share. Debenture held by an insider of the company requires stock exchange approval prior to being repaid in kind.
The proceeds of the debenture financing will be applied to fund the return of the US$1,000,000 deposit to Desert Pearl Farms and for general working capital.
All securities issued are subject to a four month hold period expiring on October 18, 2022.
Lion Copper and Gold is a Canadian mineral exploration company. It engages in the acquisition, exploration, and development of copper projects in Nevada, United States.
The company is advancing its flagship MacArthur Copper Project in Mason Valley, Nevada. It is also advancing the exploration projects including the Chaco Bear and Ashton properties in highly prospective regions in British Columbia, Canada, and the Blue Copper Prospect in Montana, USA.
Lion Copper and Gold Corp. (LEO) remains unchanged, trading at C$0.09 per share as of 11:55 am ET.