Business
KWG Resources Completes Debenture Conversion to Units
Toronto, Ontario--(Newsfile Corp. - April 1, 2021) - KWG Resources Inc. (CSE: KWG) (CSE: KWG.A) (FSE: KW61) ("KWG" or the "Company") announces completion of the
About this update from Canadian Chrome Company Inc.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - April 1, 2021) - KWG Resources Inc. (CSE: KWG) (CSE: KWG.A) (FSE: KW61) (\"KWG\" or the \"Company\") announces completion of the conversion on March 31, 2021 of the outstanding Convertible Debentures convertible at the Company's option into Units with a deemed value of $21 per unit (\"Unit\"). Each Unit is comprised of four KWG.A multiple voting shares and four 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 before December 15th, 2022. As a result of the conversion the Company reduced its current liabilities by $5,180,860 and added 986,830 multiple voting shares to its issued and outstanding capitalization. About KWG: KWG is the Operator of the Black Horse Joint Venture ('JV') after acquiring a vested 50% interest through Bold Ventures Inc ('Bold') from Fancamp Exploration Ltd ('Fancamp'). KWG funds all JV exploration expenditures and Bold is carried for a 20% interest in KWG's interest. KWG has also received patents in Canada, South Africa and Kazakhstan and is prosecuting patent applications in India, Indonesia, Japan, South Korea, Turkey and the USA for the direct reduction of chromite to metalized iron and chrome using natural gas and an accelerant. It has also received a USA patent for production of low carbon chromium iron alloys. Canada Chrome Corporation: CCC is a wholly owned subsidiary of KWG which has staked claims and conducted a surveying and soil testing program, originally for the engineering and construction of a railroad to the Ring of Fire from Aroland, Ontario. Its COO Tony Marquis has been a top tier executive with both Canadian National Railroad and Canadian Pacific Railroad, where he played an integral role in the two most successful railroad turnarounds in North America. At both companies, he worked closely with his mentor, the legendary Hunter Harrison, who led both railroads to becoming the most efficient in the industry. For further information, please contact:Bruce Hodgman, Vice-President: 416-642-3575 ~ [email protected] Forward-Looking Statements: Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualif...