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| Home : MGold Announces Proposed Debenture Offering |
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Jan 31
2013 |
MGold Announces Proposed Debenture Offering |
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CALGARY, ALBERTA--(Marketwire - Jan. 31, 2013) - MGold Resources Inc. (TSX VENTURE:MNI) ("MGold" or the "Corporation") announced today its intention to complete a non-brokered private placement offering of 10% unsecured convertible debentures in the principal amount of up to $3,000,000. The debentures will bear interest at the rate of ten percent (10%) per annum, payable semi-annually and will mature on the date that is three years from the closing date. The debentures will be convertible at the holder's option into common shares of the Corporation at a conversion price of: (i) $0.07 per common share until the date that is one (1) year from the closing date; (ii) $0.11 per common share for the period from the date following one (1) year from the closing date until the date that is two (2) years from the closing date; and (iii) $0.15 per common share for the period from the date following two (2) years from the closing date until the date that is three (3) years from the closing date. The Corporation can force conversion of the debenture into common shares if the Corporation's common shares trade at or above: (i) $0.12 per common share at any time until the date that is one (1) year from the closing date; (ii) $0.16 per Common Share at any time during the period from the date following one (1) year from the closing date until the date that is two (2) years from the closing date; and (iii) $0.20 per Common Share at any time during the period from the date following two (2) years from the closing date until the date that is three (3) years from the closing date, for a minimum of 20 consecutive trading days (whether or not trading occurs on such days). |
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| Source:http://www.marketwire.com/mw/release.do?id=1751707&sourceType=3 |
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