- Trigon (TM) has closed on C$5.5M in convertible security funding from The Lind Partners
- Lind received a convertible security with a face value of $6.6M, which represents a principal amount of $5.5M and pre-paid interest of $1.1M
- Beginning four months from today, Trigon will begin repaying the security in $275,000 monthly installments
- Trigon is an exploration and development company focused on copper and silver holdings in Namibia and Morocco
- Trigon (TM) is unchanged trading at $0.235 per share
Trigon (TM) has closed on C$5.5M in convertible security funding from The Lind Partners.
The Lind Partners is a New York-based institutional fund manager providing growth capital to publicly traded small-cap and mid-cap companies in the U.S., Canada, Australia and the U.K.
Lind received a convertible security with a face value of $6.6M, which represents a principal amount of $5.5M and pre-paid interest of $1.1M.
Beginning four months from today, Trigon will begin repaying the security in $275,000 monthly installments.
Lind may convert any portion of the principal into Trigon common shares priced at $0.335.
Pre-paid interest will accrue over 24 months from closing and be calculated at the end of each calendar month. Once accrued, Lind will have the option, once every 90 days, to convert accrued interest into Trigon common shares priced at 90 per cent of the market closing price on the day immediately prior.
Trigon issued Lind 15,925,373 common share purchase warrants exercisable for a term of 24 months at $0.35 per share.
The convertible security ranks senior and is secured by all of Trigon’s assets except the shares in its Moroccan subsidiary.
Trigon is an exploration and development company focused on copper and silver holdings in Namibia and Morocco.
Trigon (TM) is unchanged trading at $0.235 per share as of 10:31 am EST.