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| Home : First Bauxite Corporation Closes Second Tranche $11M Non-Brokered Private Placement and Rollover of Existing Debt |
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Mar 09
2016 |
First Bauxite Corporation Closes Second Tranche $11M Non-Brokered Private Placement and Rollover of Existing Debt |
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TORONTO, ONTARIO--(Marketwired - March 8, 2016) - First Bauxite Corporation ("First Bauxite" or the "Company") (TSX VENTURE:FBX) is pleased to announce the closing of the second tranche of a non-brokered private placement (the "Private Placement") to Resource Capital Fund VI L.P. ("RCF") of a US$11 million principal amount secured convertible note bearing 8% interest and maturing August 1, 2017 (the "Note"). The principal amount of the Note will be convertible at the option of RCF into common shares of the Company at CAD$0.05698 per share for a period of one year from the date of issuance and CAD$0.10 per share thereafter (the "Conversion Price"), while interest outstanding on the converted amount may, at RCF's election, be settled by the issue of Company shares at the Market Price (as defined by the TSX Venture Exchange (the "TSXV") of such shares at the time of settlement). The Company may prepay the principal amount of the Note in shares valued at the Conversion Price if the volume weighted average trading price of the Company's shares exceeds 200% of the conversion price for 40 consecutive trading days, 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. |
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| Source:http://www.marketwired.com/mw/release.do?id=2104188&sourceType=3 |
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