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| Home : Southeast Asia Closes Private Placement of Unsecured Convertible Debentures |
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Nov 22
2013 |
Southeast Asia Closes Private Placement of Unsecured Convertible Debentures |
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TORONTO, ONTARIO--(Marketwired - Nov. 22, 2013) - Southeast Asia Mining Corp. (the "Company") is pleased to announce that it has closed a private placement of unsecured convertible debentures (the "Debentures") for gross proceeds of $180,105. On the maturity date, each Debenture will be convertible into units (each, a "Unit") of the Company and will be priced at a 20% discount to the price of the securities issued in connection with a qualifying transaction of the Company. Each Unit consists of one common share (each, a "Common Share") in the capital of the Company and one-half of a Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share and will be priced at a 20% premium to the price of the securities issued in connection with a qualifying transaction of the Company for a period of two years from the maturity date. The maturity date is the earlier of: the date the Company receives approval for the listing of its Common Shares on a recognized stock exchange; the date upon which a change of control occurs; December 31, 2014, or in cash at any time at the discretion of the Company. A qualifying transaction is: a private placement by the Company of equity securities or convertible debt; a merger, reverse takeover, amalgamation, or other reorganization; the sale, lease or transfer of all or substantially all of the Company's assets; or such other transaction that the directors can reasonably determine a value for the securities of the Company. The rate of interest on the Debentures is 20% per annum, payable quarterly in equal instalments on March 31, June 30, September 30 and December 31 of each year in cash or Common Shares, at the option of the Company. |
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| Source:http://www.marketwired.com/mw/release.do?id=1855592&sourceType=3 |
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