8% convertible debt sold to Real Resource with $0.01 conversion price
By Devika Patel
Knoxville, Tenn., April 4 - Drake Gold Resources Inc. said it arranged a $1 million 8% convertible debt financing with Real Resource Fund, Inc.
The debt is convertible into common stock at a conversion price set at $0.01, which is identical to the April 3 closing share price.
Proceeds will be used as development capital to increase production at the company's newly acquired oil and gas assets.
Based in Carson City, Nev., Drake is an oil and gas property development holding company.
| Issuer: | Drake Gold Resources Inc.
|
| Issue: | Convertible loans
|
| Amount: | $1 million
|
| Coupon: | 8%
|
| Conversion price: | $0.01
|
| Warrants: | No
|
| Investor: | Real Resource Fund, Inc.
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| Pricing date: | April 4
|
| Stock symbol: | Pink Sheets: DKGR
|
| Stock price: | $0.01 at close April 3
|
| Market capitalization: | $5.63 million
|
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