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Falco Resources Announces Extension of Maturity Date of Convertible Debenture and Proposed Extension of Warrants Expiry Date
MONTREAL, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Falco Resources Ltd. (TSX.V: FPC) (“Falco” or the “Corporation”) announced today that the Corporation has agreed wit
About this update from Falco Resources Ltd.
[{"type":"text","content":" MONTREAL, Oct. 13, 2021 (GLOBE NEWSWIRE) -- Falco Resources Ltd. (TSX.V: FPC) (“Falco” or the “Corporation”) announced today that the Corporation has agreed with Glencore Canada Corporation (“Glencore”) to extend the maturity date of the $10 million senior secured convertible debenture dated October 27, 2020 (the “Convertible Debenture”) issued by the Corporation to Glencore, from October 27, 2021 to April 27, 2022, the whole in accordance with the terms of the Convertible Debenture. Concurrently with the issuance of the Convertible Debenture on October 27, 2020, Falco also issued to Glencore, 12,195,122 common share purchase warrants of the Corporation (the “Warrants”). Each Warrant is exercisable for one common share of the Corporation at an exercise price of $0.51 up to 12 months from the date of issuance of the Warrants. Given the extension to the maturity date of the Convertible Debenture, the Corporation announces that it intends to extend the expiry date of the Warrants from October 27, 2021 to April 27, 2022. All other terms and conditions of the Warrants would remain unchanged, including the exercise price of $0.51 per common share. The extension of the maturity date of the Convertible Debenture and the expiration date of the Warrants remain subject to the approval of the TSX Venture Exchange. About Falco Falco Resources Ltd. is one of the largest mineral claim holders in the Province of Québec, with extensive land holdings in the Abitibi Greenstone Belt. Falco owns approximately 70,000 hectares of land in the Rouyn-Noranda mining camp, which represents 70% of the entire camp and includes 13 former gold and base metal mine sites. Falco’s principal asset is the Horne 5 Project located in the former Horne mine that was operated by Noranda (now Glencore Canada Corporation) from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko Gold Royalties Ltd’s subsidiary, Osisko Development Corp. is Falco’s largest shareholder owning an 18.2% interest in the Corporation. For further information, please contact: Luc LessardPresident and Chief Executive [email protected] Jeffrey White, LL.B, MBADirector, Investor Relations [email protected] Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of t...