By Sheri Kasprzak
Atlanta, Oct. 20 - San Gold Resources Corp. said Wednesday it plans to take a C$3.5 million convertible debentures offering to the market.
The debentures have a term of two years and will bear interest at 9.5% for the first year and 10.5% for the second.
Holders of the debentures may receive interest payments in shares at 12% per year at a price to be determined.
The debentures are convertible at C$0.40 per share any time after one year.
San Gold is a gold mining and exploration company based in Bissett, Manitoba.
| Issuer: | San Gold Resources Corp.
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| Issue: | Convertible debentures
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| Amount: | C$3.5 million
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| Maturity: | Two years
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| Coupon: | 9.5% for the first year, 10.5% for the second
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| Price: | Par
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| Conversion price: | C$0.40
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| Warrants: | No
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| Placement agent: | Jory Capital Inc.
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| Announcement date: | Oct. 20
|
| Stock price: | C$0.37 at close Oct. 20
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