Business
Blue Star Announces Transfer of a Convertible Debenture
Vancouver, British Columbia--(Newsfile Corp. - November 9, 2020) - Blue Star Gold Corp. (TSX...
About this update from Blue Star Gold Corp.
[{"type":"text","content":"Blue Star Announces Transfer of a Convertible DebentureVancouver, British Columbia--(Newsfile Corp. - November 9, 2020) - Blue Star Gold Corp. (TSXV: BAU) (FSE: 5WP) (the \"Company\") announces that Georg Pollert has transferred a $2,200,000 convertible debenture (the \"Debenture\") to Robert Pollert. Pursuant to the transfer, Robert Pollert is now a reporting insider of the Company and on exercise of the Debenture will become an insider or a \"Control Person\" of the Company, as that term is defined in the policies of the TSX Venture Exchange (the \"Exchange\"). The Company has received the written consent of disinterested shareholders holding more than 50% of the Company's issued and outstanding shares to the transfer of the Debenture and any exercise that would result in Robert Pollert becoming a Control Person of the Company. The original issuance of the Debenture was approved by the Exchange pursuant to a private placement submission and is disclosed in an Exchange bulletin dated November 22, 2019.The Debenture will mature on November 26, 2022 and will accrue interest at a rate of 7.5% calculated annually. Interest payments will be satisfied through the issuance of common shares to the holder in a number that is equivalent to a simple annual interest rate of 7.5%, based on the market price of the Company's common shares and pursuant to the policies of the Exchange. The Debentures are convertible into common shares of the Company, at the option of the holder, at a price of $0.05 per common share during the first year and $0.10 per common share thereafter. Completion of the Debenture transfer to Robert Pollert has been accepted by the Exchange.About Blue Star Gold Corp.Blue Star is a Vancouver-based gold and silver company focused on exploration and development within Nunavut, Canada. The Company owns the Ulu Gold Property lease, an advanced gold and silver project, and the highly prospective Hood River gold concessions that are contiguous with the Ulu mining lease. The combined properties total approximately 9,000 ha of prospective mineral claims within which the Company has a significant high-grade gold resource on the Ulu lease, and numerous high-grade gold occurrences and priority targets throughout the Ulu and Hood River properties.Blue Star is listed on the TSX Venture Exchange under the symbol: BAU and on the Frankfurt...