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KWG Resources Announces Closing of Third Tranche of Its Convertible Debenture Private Placement
Toronto, Ontario--(Newsfile Corp. - October 22, 2021) - KWG Resources Inc. (CSE: KWG) (CSE: KWG.A) (FSE: KW61) ("KWG" or the "Company") ("KWG") is pleased to an
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[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - October 22, 2021) - KWG Resources Inc. (CSE: KWG) (CSE: KWG.A) (FSE: KW61) (\"KWG\" or the \"Company\") (\"KWG\") is pleased to announce the closing today of the third tranche of its previously announced private placement (the \"Private Placement\") of convertible debentures (see news releases dated August 23, 2021, September 29, 2021, and October 7, 2021). This third tranche was comprised of an aggregate of $3,642,800 of debentures, bringing the total principal amount of debentures issued under all three tranches of the Private Placement to $7,404,117.08. 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 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 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 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 is implemented) exercisable at any time on or before December 15, 2023. Officers and directors of the Corporation (the \"Insiders\") participated in this third tranche of the Private Placement for an aggregate of $1,397,800 of debentures to settle debts owed by the Corporation to such Insiders. The proceeds received by the Corporation from the sale of the debentures will be used for the costs and fees associated with the ...