Denarius Metals Corp. (Cboe CA: DMET | OTCQX: DNRSF) has closed the final tranche of its previously announced best efforts private placement of convertible debenture units for additional gross proceeds of C$3,783,000. In total, the company issued 13,808 units at a price of C$1,000 per unit for aggregate gross proceeds of C$13,808,000 resulting in the issuance of:
- 13,808,000 12% per annum gold-linked senior unsecured convertible debentures of the company which mature on 30 May 2029.
- 6,904,000 common share purchase warrants of the company, with each warrant entitling the holder to purchase one common share of the company at a price of C$0.60 per common share at any time on or before 30 May 2027.
The first interest payment of C$0.01066 per C$1.00 principal amount of Debentures, including interest accrued from 30 May 2024 for all debentures, will be made on 30 June 2024. No finder’s fees were paid by the company in connection with the final tranche. The company has set aside a total of C$1,656,960 in escrow from the gross proceeds of the offering to fund the interest payments during the first year of the term of the debentures.
The company intends to use the net proceeds from the offering for its Aguablanca Project in Spain and general corporate purposes.
Additionally, the company will apply to list the Debentures for trading on Cboe Canada; however, there can be no assurance that the listing of the Debentures will be successful, and the company has not received conditional approval from Cboe Canada with regard to such listing.
The Debentures, warrants and common shares issuable from the conversion or exercise of the debentures and warrants, as applicable, are subject to a hold period in Canada ending on the date that is four months plus one day following the issuance date.
To read more about this, please visit www.denariusmetals.com
To read more news like this, please visit www.theassay.com/news
