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VVC Exploration (TSXV:VVC) reported that the TSX Venture Exchange has accepted the US$75,000 convertible debenture financing with amendments: the Debenture is convertible into units at any time after 4 months, at CA$0.05 per unit until June 4, 2016, and thereafter at CA$0.10 per unit until December 4, 2016.
As quoted in the press release:
In order to secure the conditional acceptance, the Company was required to make some changes to the Debenture which bears interest at 2% per month for a term of 18 months. The term was originally contemplated to be 6 months, renewable for up to two (2) additional six-month periods, to a maximum of 18 months. The Debenture is convertible into units at any time after 4 months, at CA$0.05 per unit until June 4, 2016, and thereafter at CA$0.10 per unit until December 4, 2016. Each unit comprises one common share and one common share purchase warrant (a “Warrant”) of the Company. Each Warrant entitles the holder to purchase one additional common share of the Company at $0.05 per share and will expire in 5 years. Up to 3 million shares and 3 million warrants are being reserved for issuance on conversion.
Click here to read the VVC Exploration (TSXV:VVC) press release
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