• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Base Metals Market
    Base Metals News
    Base Metals Stocks
    • Base Metals Market
    • Base Metals News
    • Base Metals Stocks

    West African Iron Ore Arranges $2 Million Financing Agreement

    Investing News Network
    May. 24, 2013 08:59AM PST
    Base Metals Investing

    West African Iron Ore Corp. (TSXV:WAI) arranged a $2 million unsecured convertible debenture financing agreement with Sky Alliance Resources Inc. (SARI), a privately owned, international mining and consulting firm based in Hong Kong and registered in the British Virgin Islands.

     West African Iron Ore Corp. (TSXV:WAI) arranged a $2 million unsecured convertible debenture financing agreement with Sky Alliance Resources Inc. (SARI), a privately owned, international mining and consulting firm based in Hong Kong and registered in the British Virgin Islands.

    As quoted in the press release:

    SARI has agreed to finance up to CAD$2.0 million by way of up to four drawdowns of CAD$500,000. Each drawdown will be in the form of a convertible debenture (collectively the “Debentures”) with a term of 5 years and an 8% annual interest rate. During the term of the Debentures, SARI will have the option to convert all or any portion of the outstanding Debentures into common shares of the Company at a conversion price of CAD$0.10 per share for the first CAD$500,000 drawdown. All other drawdowns will have the option to convert any portion of the outstanding Debentures at the market price at the time of drawdown, subject to a minimum conversion price of CAD$0.10 per share. Subject to TSX-V approval, the remaining CAD$1.5 can be drawn down at WAI’s election after completion of a resource report in a form prescribed by National Instrument 43-101 with respect to the Forécariah tenement.

    Click here to read the West African Iron Ore Corp. (TSXV:WAI) press release
    Click here to see the West African Iron Ore Corp. (TSXV:WAI) profile

    international miningtsxv:waiwest african iron ore
    The Conversation (0)

    Go Deeper

    AI Powered
    Lithium Investing

    Lithium-ion Bull: KISS

    Change of Company Name and ASX Ticker

    Latest News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Stocks

    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES
    ×