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KWG Resources Announces Closing of Another Tranche of Its Convertible Debenture Private Placement
Toronto, Ontario--(Newsfile Corp. - June 18, 2019) - KWG Resources Inc. (CSE: KWG) (CSE: KWG.A) (FSE: KW61) ("KWG" or the "Corporation") is pleased to announce
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[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - June 18, 2019) - KWG Resources Inc. (CSE: KWG) (CSE: KWG.A) (FSE: KW61) (\"KWG\" or the \"Corporation\") is pleased to announce closing on June 17, 2019 of another tranche of its private placement (the \"Private Placement\") of convertible debentures. This tranche was comprised of an aggregate of $100,000 of debentures. The debentures are convertible, at the option of KWG at any time or at the option of the holder within 30 days prior to maturity or redemption, into units (each a \"Unit\") with a deemed value of $21 per Unit. The subscriber received an option to acquire an equal amount of additional debentures at any time within four (4) months from closing. Each Unit is comprised of four (4) KWG.A multiple voting shares and four (4) multiple voting share purchase warrants, with each such warrant enabling its holder to acquire one further KWG.A multiple voting share from treasury upon payment of $7.50 at any time on or before December 15, 2019. The debentures bear interest at a rate of 12% per annum, accruing daily, compounding annually and payable at the earlier of maturity, redemption or conversion, in KWG.A multiple voting shares from treasury at their volume-weighted average price (\"VWAP\") for the ten trading days prior to payment. The debentures secure repayment of the principal, plus interest earned thereon to the date of payment, plus a bonus of 20% of the original principal amount payable immediately following issuance of the debenture by the issuance of Units with a deemed value of $21 per Unit. At any time and from time to time, KWG will have the right to redeem the debentures in whole or in part by payment in cash, or convert the debentures in whole or in part into Units. The following officer and director of the Corporation (the \"Insider\") participated in this tranche of the Private Placement for an aggregate of $100,000 of debentures plus 952 Units representing the bonus of 20% of the original principal amount, with the Units being comprised of an aggregate of 3,808 multiple voting shares and 3,808 warrants representing the equivalent of 0.21% of the Corporation's issued and outstanding subordinate voting shares (calculated on the basis of conversion of the outstanding multiple voting shares into subordinate voting shares on a ratio of 300:1) on a partly diluted basis followi...