Company sells one-year 10% notes, warrants for 875,000 common shares
By Devika Patel
Knoxville, Tenn., Aug. 26 - Valor Gold Corp. sold a $50,000 convertible promissory note on Aug. 20, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 10% note matures in one year and is initially convertible at $0.20 per share. The conversion price is a 9.09% discount to the Aug. 19 closing share price of $0.22. The note may be prepaid.
The investor also received warrants for 875,000 shares. The warrants are each exercisable at $0.01 for five years. The strike price is a 95.46% discount to the Aug. 19 closing share price.
Valor is a gold explorer based in Reno, Nev.
| Issuer: | Valor Gold Corp.
|
| Issue: | Convertible promissory note
|
| Amount: | $50,000
|
| Maturity: | One year
|
| Coupon: | 10%
|
| Conversion price: | $0.20
|
| Call: | Yes
|
| Warrants: | For 875,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.01
|
| Settlement date: | Aug. 20
|
| Stock symbol: | OTCBB: VGLD
|
| Stock price: | $0.22 at close Aug. 19
|
| Market capitalization: | $14.67 million
|
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