5% debenture matures in two years, converts to common stock at C$0.25
By Devika Patel
Knoxville, Tenn., Jan. 8 - Encanto Potash Corp. said it may raise C$7 million in a private placement of secured convertible debentures.
The 5% debenture matures in two years. It converts to common stock at C$0.25, which is a 4.17% premium to the Jan. 7 closing share price of C$0.24. The note may be prepaid.
Proceeds will be used to complete the pre-feasibility study on the Muskowekwan First Nation property, to initiate a bankable feasibility study and for general working capital.
Encanto Potash is a natural resource company based in Vancouver, B.C.
| Issuer: | Encanto Potash Corp.
|
| Issue: | Secured convertible debenture
|
| Amount: | C$7 million
|
| Maturity: | Two years
|
| Coupon: | 5%
|
| Conversion price: | C$0.25
|
| Conversion premium: | 4.17%
|
| Call: | Yes
|
| Warrants: | No
|
| Pricing date: | Jan. 8
|
| Stock symbol: | TSX Venture: EPO
|
| Stock price: | C$0.24 at close Jan. 7
|
| Market capitalization: | C$65.38 million
|
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