Business
Azarga Metals Issues Shares To Baker Steel Semi-Annual Interest
VANCOUVER, BC / ACCESSWIRE / October 22, 2021 / AZARGA METALS CORP. (" Azarga Metals " or th...
About this update from Azarga Metals Corp.
[{"type":"text","content":"Azarga Metals Issues Shares To Baker Steel Semi-Annual InterestVANCOUVER, BC / ACCESSWIRE / October 22, 2021 / AZARGA METALS CORP. (\"Azarga Metals\" or the \"Company\") (TSXV:AZR)(OTC PINK:EUUNF) as announced on 14 October 2021, the Company has issued to Baker Steel Resources Trust Limited (\"BSRT\") a total of 3,743,755 common shares to settle its semi-annual interest payment of C$187,188 on a US$3.5 million convertible loan (the \"Loan\").BSRT Early Warning DisclosurePursuant to the conversion of C$187,188 in interest owing to BSRT by Azarga Metals pursuant to the Loan, BSRT acquired 3,743,755 common shares of Azarga Metals (the \"Interest Conversion\"), at a conversion price per share of C$0.05. Prior to the Interest Conversion, BSRT owned 7,858,031 common shares of Azarga Metals, representing 6.5% of the issued and outstanding common shares of Azarga Metals. Following the Interest Conversion, BSRT will own 11,601,786 common shares of Azarga Metals, representing 9.3% of the issued and outstanding common shares of Azarga, reflecting an increase of 2.8% of the enlarged number of Azarga Metal's issued and outstanding common shares.In addition to the common shares owned by BSRT following the Interest Conversion, pursuant to the Loan and 20,440,914 warrants previously issued to BSRT, assuming BSRT (i) converted the principal amount of US$3.5 million under the Loan at the conversion price of C$0.10 per common share at maturity (December 31, 2022) at the agreed fixed exchange rate resulting in the issue of 46,925,500 shares; (ii) exercised all of the 20,440,914 warrants at an exercise price of C$0.10; (iii) applied the agreed fixed exchange rate to the US$ Loan principal; and (iv) used the conversion price for all interest accruing after the date hereof until maturity of C$0.05, BSRT would beneficially own and control an aggregate of 88,204,166 common shares of Azarga Metals, representing an aggregate beneficial ownership interest of approximately 44.8% of the issued and outstanding common shares of Azarga Metals(post-issuance of the common shares and including the 7,858,031 common shares Azarga Metals that BSRT currently owns).BSRT, Arnold House, St Julians Avenue, Guernsey, GY1 1WA holds the common shares for investment purposes. Depending on market conditions and other factors, BSRT may from time to time acquire and/or dispose o...