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| Home : Inca One Gold Corp. Announces Debt Restructuring and USD$3.0 Million Convertible Debenture Offering |
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Apr 20
2016 |
Inca One Gold Corp. Announces Debt Restructuring and USD$3.0 Million Convertible Debenture Offering |
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VANCOUVER, BC--(Marketwired - April 19, 2016) -
INCA ONE GOLD CORP.
(TSX VENTURE: IO)
("Inca One", the
"Issuer" or the "Company") is pleased to announce that it has negotiated preliminary terms and signed commitment letters with the majority of the Company's lenders to convert or restructure approximately $10.0 million USD equivalent (some amounts in CAD) of its current and long-term debts (the "Debts"). Approximately 50% of the Debts will be converted to common shares at CAD$0.11 per share, approximately 30% will be cancelled and re-issued into new convertible debentures with similar terms as below, and approximately 20% converted to (i) contingent debts payable on certain performance metrics being met by the Company, or (ii) a warrant deposit held by the Company exclusively for the exercise of certain warrants, while certain amounts are to be paid out on a scheduled basis over a period up to twelve months (collectively, the "Restructuring"). |
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| Source:http://www.marketwired.com/mw/release.do?id=2116515&sourceType=3 |
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