Non-brokered financing offers 5% unsecured debentures due May 1, 2020
By Devika Patel
Knoxville, Tenn., May 1 – Muskrat Minerals Inc. said it will raise up to C$2 million in a non-brokered private placement of convertible debentures. The deal priced on April 7.
The 5% unsecured convertible debenture is due May 1, 2020. The debenture will be convertible into common stock at C$0.80 per share in the first year, with the conversion price increasing by C$0.05 per share each year until maturity. The initial conversion price is a 60% premium to the April 30 closing price of C$0.50.
Proceeds will be used for general working capital.
The metals and mining company is based in Halifax, N.S.
Issuer: | Muskrat Minerals Inc.
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Issue: | Unsecured convertible debentures
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Amount: | C$2 million
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Maturity: | May 1, 2020
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Coupon: | 5%
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Conversion price: | C$0.80 per share in the first year, increasing by C$0.05 per share each year until maturity
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Warrants: | No
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Agents: | Non-brokered
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Pricing date: | May 1
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Stock symbol: | CNSX: YYR
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Stock price: | C$0.50 at close April 30
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