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BeMetals Announces C$3.3 million Convertible Debenture Private Placement with a Commitment for Potential Additional Funding of C$2 Million from Strategic Investor B2Gold Corp
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About this update from Bemetals Corp.
[{"type":"text","content":"BeMetals Announces C$3.3 million Convertible Debenture Private Placement with a Commitment for Potential Additional Funding of C$2 Million from Strategic Investor B2Gold CorpNOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / August 1, 2023 / (TSXV:BMET)(OTCQB:BMTLF)(Frankfurt:1OI.F) (the \"Company\" or \"BeMetals\") announces it has secured up to C$5.3 million of funding with strategic investor B2Gold Corp. (TSX: BTO, NYSE American: BTG, NSX: B2G) (\"B2Gold\"), consisting of a C$3.3 million convertible debenture private placement and a commitment for additional funding of C$2 million.John Wilton, President and CEO of BeMetals stated, \"With the support of our cornerstone and strategic investor B2Gold, we look forward to delivering continued positive results from ongoing exploration at our Kazan portfolio of gold projects in Japan and the Pangeni Copper Project in the Zambian Copperbelt. Later this month we plan to commence our first drilling operations at the Todoroki Gold-Silver Project in Japan. In addition, aircore drilling at the Pangeni Copper Project is well underway and follow-up core drilling is planned in the second half of 2023.\"Private Placement and Bridge LoanOn July 31, 2023, the Company has entered into a subscription agreement with B2Gold with respect to a non-brokered private placement to B2Gold of an unsecured convertible debenture in the amount of C$3,300,000 (the \"Offering\"). The convertible debenture (the \"Debenture\") will mature five years from date of issue and will bear interest at the rate of 7% per annum calculated and compounded annually in arrears on each anniversary date. The principal amount of the Debenture will be convertible into common shares of BeMetals at the option of the holder at any time on or before the maturity date at a price of $0.25 per share. Accrued interest on the Debenture will be convertible into common shares at the option of the holder on the maturity date at a price per share that is the greater of $0.25 and market price at the time of conversion (subject to prior approval by the TSX Venture Exchange). The Debenture and any accrued interest thereon will be repayable in part or in full at any time without penalty. The proceeds of the Offering will be used for continued exploration of the Company's p...