Loan converts to shares at $0.25 in first year, $0.50 in second year
By Devika Patel
Knoxville, Tenn., March 21 - Trulan Resources Inc. said it arranged a $1 million 6% convertible loan financing.
The loan matures in two years and is convertible into common stock at $0.25 in the first year and $0.50 in the second year.
Proceeds will be used to initiate an exploration plan and move toward a comprehensive mining plan and full feasibility study of the IGP Project in Chile.
The gold, silver, iron and platinum explorer is based in Henderson, Nev.
| Issuer: | Trulan Resources Inc.
|
| Issue: | Convertible loan
|
| Amount: | $1 million
|
| Maturity: | Two years
|
| Coupon: | 6%
|
| Conversion prices: | $0.25 in the first year and $0.50 in the second year.
|
| Warrants: | No
|
| Pricing date: | March 21
|
| Stock symbol: | OTCBB: TRLR
|
| Stock price: | $0.03 at close March 20
|
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