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NQ Exploration Inc. (TSXV:NQE) has settled its debt with Société de développement de la Baie-James, subject to TSX Venture Exchange approval, by issuance of a $200,000 convertible debenture to SDBJ maturing on June 29, 2013.
As quoted in the press release:
The parties have agreed to settle the capital amount of $200,000 through the issuance of a convertible debenture maturing on June 29, 2013. This debenture will bear interest at a rate of 12% per year, and will be convertible at any time at SDBJ’s discretion at a price of $0.10 per share. The Company has the option of buying back a minimum of $100,000 in the first 12 months. Regardless of whether it exercises this option, the Company can only redeem the outstanding balance of the debenture in full once this period is passed.
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