Business
KWG Resources Announces Closing of First Tranche of Its Convertible Debenture Private Placement and Results of Shareholders' Meeting
Toronto, Ontario--(Newsfile Corp. - September 29, 2021) - KWG Resources Inc. (CSE: KWG) (CSE: KWG.A) (FSE: KW6) ("KWG" or the "Company") ("KWG") is pleased to a
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[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - September 29, 2021) - KWG Resources Inc. (CSE: KWG) (CSE: KWG.A) (FSE: KW6) (\"KWG\" or the \"Company\") (\"KWG\") is pleased to announce the closing today of the first tranche of its previously announced private placement (the \"Private Placement\") of up to $5,000,000 of convertible debentures (see news release dated August 23, 2021). This first tranche was comprised of an aggregate of $3,410,657 of debentures. The Company anticipates completing a second tranche of the Private Placement within the next several days. The debentures are convertible into units (each a \"Unit\") with a deemed value of $15 per Unit (i) at the holder's option at any time or (ii) at the option of KWG after the first anniversary date of September 29, 2022. The debentures mature on June 30, 2023 and bear interest at 12% per annum, accruing daily, compounding annually and payable concurrently with the payment of principal at the earliest of maturity, redemption or conversion, such payment to be made either (i) at the Company's option on 30 days' notice, by payment in cash (other than in the event of a conversion) or (ii) by the issuance of Units at a deemed value of $15.00 per Unit. Each Unit will be comprised of two KWG.A multiple-voting shares (as such KWG.A shares are presently constituted; or six KWG.A multiple-voting shares if the proposed subdivision of KWG.A multiple-voting shares approved at last week's shareholder meeting is implemented) and one multiple-voting share purchase warrant enabling its holder to acquire one further KWG.A multiple-voting share (as such KWG.A shares are presently constituted; or to acquire three KWG.A multiple-voting shares if the proposed subdivision of KWG.A multiple-voting shares approved at last week's shareholder meeting is implemented) from treasury upon payment of $9.60 (for each such KWG.A share as presently constituted; or $3.20 for each KWG.A multiple voting share if the proposed subdivision of KWG.A multiple-voting shares approved at last week's shareholder meeting is implemented) exercisable at any time on or before December 15, 2023. The proceeds received by the Corporation from the sale of the debentures will be used for the costs and fees associated with the Private Placement, for general corporate overhead expenses including repaying current debts and ...