Pacific Gold Corp. Agrees to Convert $220,000 of Debt

Pacific Gold Corp. (PINK:PCFG) announced that it has reached an agreement to amend the remaining $220,000 debenture originally due to Crescent International Ltd. on October 5th 2010.

The press release is quoted as saying:

Crescent and the Company have agreed that Crescent will convert the entire remaining balance of the debenture into common shares of the Company at a conversion price of $0.00495 per share (an almost 100% premium to the current market price), with 50% of the debenture being converted before September 30, 2010 and the balance converted on or before March 5th, 2011. The debenture has been amended to extend the maturity to March 5th, 2011.

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Click here to access Pacific Gold Corp. Corporate Site