Business
Klondike Silver Announces Closing of Convertible Debenture Financing
(via TheNewswire) Vancouver, Canada - TheNewswire - January 16, 2020 - Klondike...
About this update from Klondike Silver Corp.
[{"type":"text","content":"Klondike Silver Announces Closing of Convertible Debenture Financing(via TheNewswire)\n \n \nVancouver, Canada - TheNewswire - January 16, 2020 - Klondike Silver Corp. (the \"Company\") (TSXV:KS) is pleased to announce that the Company has closed its previously announced convertible debenture (the \"Convertible Debenture\") financing with Munday - Maxwell & Gaylene - Association (the \"Lender\"), pursuant to which the Lender has agreed to loan, in one or more advances, up to Cdn$2,500,000 to the Company. The terms of the Convertible Debenture and transaction with the Lender were approved by the Company's disinterested shareholders at the Company's annual general and special meeting held on December 31, 2019 and accepted by the TSX Venture Exchange (the \"Exchange\") as required by applicable Exchange rules and policies. \n\n \n \nAmendments to the Terms of the Convertible Debenture\n\n\n \nPrior to executing the Convertible Debenture, the Company and the Lender agreed to amend the terms of the Convertible Debenture (as previously disclosed in the Company's press release dated December 23, 2019 (the \"December 23 Press Release\") and the Company's management information circular dated November 22, 2019, as amended by the addendum dated December 6, 2019 (the \"Circular\"), copies of which are available for review under the Company's profile on SEDAR at www.sedar.com) as follows:\n\n \n \n- rather than drawing down an initial advance of $1,457,180.74 under the Convertible Debenture to repay in full the outstanding principal and accrued interest owing to the Lender under certain pre-existing promissory notes (the \"Promissory Notes\"), the Company and the Lender have agreed to restructure the transaction such that the Promissory Notes will be restructured and settled in full by the Company on the condition that the full amount of the outstanding principal and accrued interest will be rolled-over and treated as an advance under the Convertible Debenture. Proceeds from any future advances under the Convertible Debenture will be used to advance the exploration of the Company's Sandon Silver Lead Zinc project (specifically, underground drilling) and for general working capital and administrative purposes; and\n\n \n \n- the aggregate amount of outstanding principal and accrued interest of $1,457,180.74 owing under the Promissory Not...