Deal funds environmental assessment process for Harper Creek Project
By Devika Patel
Knoxville, Tenn., Nov. 19 - Yellowhead Mining Inc. said it plans an C$8 million private placement of secured convertible debentures with Matco Investments Ltd.
The 9% debenture matures on Jan. 31, 2014. It converts to 35,555,556 common shares at C$0.225 per share, subject to shareholder approval. The conversion price is a 50% premium to the Nov. 18 closing share price of C$0.15. If shareholder approval is obtained, the debenture will automatically convert into the 35,555,556 shares, plus interest.
Proceeds will be used to complete the environmental assessment process for the Harper Creek Project and for general corporate purposes.
The copper, gold and silver explorer is based in Vancouver, B.C.
| Issuer: | Yellowhead Mining Inc.
|
| Issue: | Secured convertible debenture
|
| Amount: | C$8 million
|
| Maturity: | Jan. 31, 2014
|
| Coupon: | 9%
|
| Conversion price: | C$0.225 per share
|
| Conversion premium: | 50%
|
| Conversion ratio: | Into 35,555,556 shares
|
| Call: | Yes
|
| Warrants: | No
|
| Investor: | Matco Investments Ltd.
|
| Pricing date: | Nov. 19
|
| Stock symbol: | Toronto: YMI
|
| Stock price: | C$0.15 at close Nov. 18
|
| Market capitalization: | C$9.52 million
|
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