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Canamex Announces Second Tranche Closing of CDN$415,000 of Secured Convertible Debentures
VANCOUVER, BC / ACCESSWIRE / November 6, 2015 / Canamex Resources Corp. (TSXV: CSQ ) (" C...
About this update from Canamex Gold Corp
[{"type":"text","content":"Canamex Announces Second Tranche Closing of CDN$415,000 of Secured Convertible DebenturesVANCOUVER, BC / ACCESSWIRE / November 6, 2015 / Canamex Resources Corp. (TSXV: CSQ) (\"Canamex\" or the \"Company\") is pleased to announce that it has closed the second tranche of a non-brokered private placement for gross proceeds of Cdn$415,000 (the \"Offering\").\nThese funds were raised by the Company issuing an aggregate principal amount of Cdn$415,000 of secured convertible debentures (the \"Debentures\"), maturing on November 6, 2016 (the \"Maturity Date\"). From and after the date of issue until the Maturity Date, the Debentures are convertible into units (\"Units\") at the option of the holder at a conversion price of $0.05 per Unit (the \"Conversion Price\"). \nEach Unit is comprised of one common share of the Company (\"Common Share\") and one-half of one warrant (each whole warrant, a \"Warrant\"). Each Warrant will be exercisable into one Common Share on or before May 6, 2017 at an exercise price of $0.05 per share. Interest on the Debentures shall be paid quarterly in arrears, at an annual rate of interest of 10% per annum.\nThe Debentures will have a first ranking security over the Company's interest in its joint venture with Provex Resources in respect of the Bruner Gold Property, such joint venture to be formally set up in the near future. Until that time, the Debentures will be secured by the general assets of the Company.\nThe proceeds from the Offering will be used for exploration drilling, metallurgy and a Preliminary Economic Assessment with respect to the Bruner Gold Property in Nye County, Nevada, and for general working capital.\nThe Debentures and any securities that may be issued on conversion of the Debentures, including shares issued upon exercise of the Warrants, are subject to a hold period under applicable Canadian securities laws expiring on March 7, 2016, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws.\nOn October 20, 2015, the Company announced the closing of the first tranche of Debentures for Cdn$1,500,000. In total, Canamex has raised Cdn$1,915,000 through the issuance of Debentures.\nMark Billings, Chairman and CEO of Canamex, commented, \"I would like to thank these new investors for the confidence that they have placed in our Company a...