0% three-year convertible debentures sold in non-brokered financing
By Devika Patel
Knoxville, Tenn., Sept. 26 - Kazax Minerals Inc. said it raised C$19.57 million in a non-brokered private placement of 0% convertible unsecured debentures. The deal priced for C$25 million on Aug. 15.
The convertible debentures mature on Sept. 26, 2016 and are convertible into units of one common share and a half-share warrant at C$0.15 per unit.
The whole warrants are exercisable at C$0.35 until Sept. 26, 2016. The strike price is a 94.44% premium to the Aug. 14 closing share price of C$0.18. The debenture conversion price is a 16.67% discount to that price.
Moshtagh Moshtaghi invested C$7.56 million, Riad Al Sadek invested C$7.56 million, and Safin Element GmbH invested C$1.65 million.
Proceeds will be used for general working capital.
The Vancouver, B.C., company explores for iron ore.
| Issuer: | Kazax Minerals Inc.
|
| Issue: | Convertible unsecured debentures
|
| Amount: | C$19,568,893
|
| Maturity: | Sept. 26, 2016
|
| Coupon: | 0%
|
| Conversion price: | C$0.15
|
| Warrants: | One half-share warrant per unit upon conversion
|
| Warrant expiration: | Sept. 26, 2016
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Investors: | Moshtagh Moshtaghi (for C$7,557,428), Riad Al Sadek (for C$7,557,428) and Safin Element GmbH (for C$1.65 million)
|
| Pricing date: | Aug. 15
|
| Settlement date: | Sept. 26
|
| Stock symbol: | TSX Venture: KZX
|
| Stock price: | C$0.18 at close Aug. 14
|
| Market capitalization: | C$25.03 million
|
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