Proceeds expected to be used for exploration work on the Guiro permit
By Devika Patel
Knoxville, Tenn., April 28 – Komet Resources Inc. said it plans a C$3 million private placement of 12% convertible debentures.
The five-year debentures convert to common stock at C$0.65 per share. The conversion price is a 38.3% premium to C$0.47, the April 15 closing share price. The company may force conversion after three years.
Proceeds will be used for exploration work on the Guiro permit.
The gold exploration and development company is based in Montreal.
| Issuer: | Komet Resources Inc.
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| Issue: | Convertible debentures
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| Amount: | C$3 million
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| Maturity: | Five years
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| Coupon: | 12%
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| Conversion price: | C$0.65
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| Call: | After three years
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| Warrants: | No
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| Pricing date: | April 28
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| Stock symbol: | TSX Venture: KMT
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| Stock price: | C$0.47 at close April 27
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| Market capitalization: | C$15.84 million
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