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Softrock Announces Proposed Convertible Debenture Financing
Softrock Announces Proposed Convertible Debenture Financing Canada NewsWire CALG...
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[{"type":"text","content":"\n\n\n\nSoftrock Announces Proposed Convertible Debenture Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 29, 2017\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nCALGARY, May 29, 2017 /CNW/ - Softrock Minerals Ltd (\"Softrock\" or the \"Company\") today announced that it intends to sell by way of private placement up to $100,000 aggregate principal amount of 5.0% convertible unsecured subordinated debentures (the Debentures\") (the \"Offering\"). The proceeds of the Offering will be used to expand lithium and oil and gas holdings and for general corporate purposes. Over 55% of the offering will be taken up by the present Softrock directors.\n\nClosing\n\nIt is anticipated that closing of the Offering will occur on or about June 15, 2017. Completion of the Offering is subject to certain conditions including the receipt of all necessary regulatory approvals, including listing on the TSX Venture Exchange (the \"TSX\") of the common shares which may be issued on conversion of the Debentures. The Debentures and the common shares issuable upon conversion thereof will be subject to a hold period of four months and a day from the closing date.\n\nThe Debenture Terms\n\nThe Debentures will be due 12 months from the date of issuance (the \"Maturity Date\") and bear interest at 5.0% per annum payable quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, commencing June 30, 2017. \n\nThe Debentures will be unsecured and payment of the principal and interest on the Debentures will be subordinated and postponed in right or payment to all senior indebtedness of Softrock.\n\nThe Debentures will be convertible into fully paid and non-assessable common shares of the Company at the option of the holder at any time prior to the close of business on the Maturity Date at a conversion price of $0.05 (the \"Conversion Price\") per common share. Holders converting their Debentures will receive accrued and unpaid interest the...