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| Home : First Bauxite Corporation Closes Non-Brokered Private Placement |
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Dec 12
2014 |
First Bauxite Corporation Closes Non-Brokered Private Placement |
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TORONTO, ONTARIO--(Marketwired - Dec. 11, 2014) - First Bauxite Corporation ("First Bauxite" or the "Company") (TSX VENTURE:FBX)(FRANKFURT:FBI)(BERLIN:FBI) is pleased to announce that the Company has closed its previously announced non-brokered private placement (the "Private Placement") to Resource Capital Fund V L.P. ("RCF") of a US$4 million principal amount convertible note bearing 8% interest and maturing January 19, 2016 (the "Note"). The principal amount of the Note is convertible at the option of RCF into common shares of the Company at a deemed price of CAD$0.10 per share, while interest outstanding on the converted amount may, at RCF's election, be settled by the issue of Company shares at the market price, being the 20 day volume weighted average trading price of the common shares on the TSX Venture Exchange (the "Market Price"), of such shares at the time of settlement. The Company may prepay the principal amount of the Note in shares valued at CAD$0.10 if the volume weighted average trading price of the Company's shares exceeds CAD$0.20 for 40 consecutive trading days ending at least five trading days prior to the date on which a notice of payment is provided to RCF, while interest outstanding on the prepaid amount may be settled by the issue of Company shares at the Market Price of such shares at the time of prepayment. The share prices and values expressed above will be converted into the US dollar equivalent using exchange rates applicable at the time of issuance of any shares. |
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| Source:http://www.marketwired.com/mw/release.do?id=1976349&sourceType=3 |
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