Premium Exploration Inc. (TSXV:PEM,OTCQX:PMMEF) arranged a non-brokered private placement of senior secured debentures to raise gross proceeds of up to $350,000. The debentures have a minimum face value of $1,000 and each bear interest of 15% per annum over a two year term, issued together with bonus shares and bonus warrants.
As quoted in the press release:
Subscribers will receive 2,000 bonus units (the “Bonus Units”) for every $1,000 principal amount of Debentures they purchase in the Private Placement. Each Bonus Unit will consist of one common share (a “Bonus Share”) and two common share purchase warrants (each whole warrant, a “Bonus Warrant”). Each Bonus Warrant will entitle the holder to acquire one common share of the Company at an exercise price of $0.15 per share for a period of 24 months from the date of issue.
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