GOLD STATE Announces Private Placement of Convertible Debenture Units

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[{"type":"text","content":"GOLD STATE Announces Private Placement of Convertible Debenture Units\n \n \n (TheNewswire)\n \n \n \n \n \n \n Vancouver, British Columbia –\n \n \n TheNewswire -\n \n \n (April 14, 2022) –\n \n \n Gold State Resources Inc.\n \n \n (formerly Cyon Exploration Ltd.)\n \n \n (“\n \n \n Gold\nState\n \n \n ” or the “\n \n \n Company\n \n \n ”)\n \n \n (TSXV:GOST\n \n \n )\n \n \n |\n \n \n (\n \n \n OTC:CYNXF\n \n \n )\n \n \n |\n \n \n (\n \n \n FSE:C2YD\n \n \n )\n \n \n announces that it\nintends to\n \n \n complete\n \n \n a\nnon-brokered private placement (the “\n \n \n Private Placement\n \n \n ”)\nof unsecured convertible debenture units (the “\n \n \n Convertible\n \n \n Debenture Units\n \n \n ”)\n \n \n at a price of\n \n \n \n $1,000\n \n \n \n per Convertible\nDebenture Unit, for aggregate gross proceeds of up to\n \n \n \n $500,000\n \n \n \n . Each\nConvertible Debenture Unit will consist of\n \n \n \n $1,000\n \n \n \n in\nprincipal of unsecured convertible debentures (the \"\n \n \n Convertible Debentures\n \n \n \") and 6,666 common share purchase warrants (the\n\"\n \n \n Warrants\n \n \n \") of the Company.\n \n \n \n \n The Convertible Debentures will mature ninety (90) days\nfrom the issue date (the “\n \n \n Maturity Date\n \n \n ”) and bear interest at a rate\nof 10% per annum, payable on the Maturity Date. The debenture holders\nwill have the right convert at any time prior to the Maturity Date,\nall or a portion of the Convertible Debentures into common shares (the\n“\n \n \n Shares\n \n \n ”) of the Company at a price of $0.05 per Share.\n \n \n \n \n Each Warrant will be exercisable to acquire one Share\nof the Company (a \"\n \n \n Warrant Share\n \n \n \") for a period of one year\nfrom the date of issue at an exercise price of $0.05 per Warrant\nShare, subject to adjustment in certain events. The Warrants are\nsubject to an acceleration right exercisable by the Company at its\noption if, the closing trading price of the Shares is greater than\n$0.25 per Share for the preceding 10 consecutive trading days. If the\nCompany provides notice that it intends to exercise its acceleration\nright, the accelerated expiry date of the Warrants (the\n“\n \n \n Accelerated Expiry\nDate\n \n \n ”) will be t...

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