By Devika Patel
Knoxville, Tenn., Jan. 17 - Hillsborough Resources Ltd. said it is increasing a private placement of secured convertible debentures to C$10 million from C$7 million. The deal priced on Oct. 17, along with a C$3 million private placement of shares, which settled on Nov. 19.
The debentures mature in three years. They are convertible at C$0.60 per share.
The non-brokered placement of shares included 6 million common shares at C$0.50 apiece. Each share was accompanied by one half-share warrant, with each whole warrant to be exercisable at C$0.60 for 18 months.
MinQuest Capital Inc. is the investor for both deals.
Hillsborough is a coal mining company based in Vancouver, B.C.
| Issuer: | Hillsborough Resources Ltd.
|
| Issue: | Shares and secured convertible debentures
|
| Total amount: | C$13 million
|
| Investor: | MinQuest Capital Inc.
|
| Pricing date: | Oct. 17
|
| Stock symbol: | Toronto: HLB
|
| Stock price: | C$0.60 at close Oct. 17
|
|
|
| Shares
|
| Issue: | Shares
|
| Amount: | C$3 million
|
| Shares: | 6,000,000
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per share
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Settlement date: | Nov. 19
|
|
|
| Debentures
|
| Issue: | Secured convertible debentures
|
| Amount: | C$10 million
|
| Maturity: | Three years
|
| Price: | Par
|
| Conversion price: | C$0.60
|
| Warrants: | No
|
| Upsized: | Jan. 17
|
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