CopperBank Closes First Tranche of Private Placement Of Convertible Debentures

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[{"type":"text","content":"CopperBank Closes First Tranche of Private Placement Of Convertible DebenturesVANCOUVER, BC / ACCESSWIRE / June 17, 2019 / COPPERBANK RESOURCES CORP. (CSE: CBK) (\"CopperBank\" or the \"Company\") is pleased to announce the closing of the first tranche of its non-brokered private placement offering (the \"Private Placement\") of convertible debentures (each, a \"Debenture\") for gross proceeds of $263,000. The Company anticipates that it will close the second tranche of the Private Placement by the end of June.Each Debenture has an issue price of $1,000, a term of two years from the date of issuance and will bear interest at a rate of 15% per annum, calculated monthly and payable monthly in cash with the first payment being due on July 14, 2019 and will mature and be payable on June 14, 2021. Each Debenture is convertible into common shares (\"Shares\") of the Company at the option of the holder at any time prior to maturity at a conversion price of $0.07 per Share. Debentures must be converted in minimum amounts of $1,000. The Company will have the option to redeem the Debentures, in whole or in part, at any time prior to the maturity date, on not more than 60 days' and not less than 30 days' prior notice at a redemption price equal to their principal amount plus accrued and unpaid interest, provided that if such redemption is completed prior to the date that is 12 months after the date of issuance of the Debentures, the Company shall pay the holders of the redeemed Debentures a redemption fee in cash equal to 15% of the principal amount of such redeemed Debentures, less the amount of any interest previously paid in respect of such redeemed Debentures. The Debentures and Shares issued upon conversion thereof will be subject to a four month hold period from the date of issuance of the Debentures in accordance with applicable securities laws.CONTACT: On behalf of CopperBank Resources Corp.\"Gianni Kovacevic\"Chief Executive OfficerAddress: Suite 1500, 409 Granville Street, Vancouver, BC V6C 1T2Tel: 604-889-0852E-mail: [email protected]: www.copperbankcorp.comCautionaryand Forward-Looking Information Certain information in this release constitutes forward looking statements or information (\"forward-looking statements\") under applicable securities laws and necessarily involves risks and uncertainties. Forward-looking s...

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