Proceeds to help achieve commercial production at Bachelor Lake mine
By Toni Weeks
San Diego, Aug. 22 - Metanor Resources Inc. settled a C$10 million private placement of subordinated secured convertible debentures on Aug. 22.
The 10% debentures mature Aug. 22, 2015 and are convertible into common shares at C$0.28 per share. The conversion price is a 14.29% premium to the closing share price of C$0.245 on Aug. 21.
Alternatively, Metanor has the option of settling conversions in cash on the basis of the number of common shares that would have been issued upon conversion multiplied by the volume-weighted average price of the common shares during the five consecutive trading days preceding the conversion notice.
Proceeds will be used to achieve commercial production at the Bachelor Lake mine and for general working capital and corporate purposes.
Metanor is a mining exploration company based in Val d'Or, Quebec.
| Issuer: | Metanor Resources Inc.
|
| Issue: | Subordinated secured convertible debentures
|
| Amount: | C$10 million
|
| Maturity: | Aug. 22, 2015
|
| Coupon: | 10%
|
| Conversion price: | C$0.28 or cash equivalent of number of shares that would have been issued upon conversion multiplied by volume-weighted average price of common shares during five consecutive trading days preceding conversion notice
|
| Settlement date: | Aug. 22
|
| Stock symbol: | Toronto: MTO
|
| Stock price: | C$0.245 at close Aug. 21
|
| Market capitalization: | C$55.53 million
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