Lake Victoria Gold Announces First Tranche Closing of Its Non-Brokered Private Placement of Convertible Debentures

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[{"type":"text","content":"\nLake Victoria Gold Announces First Tranche Closing of Its Non-Brokered Private Placement of Convertible DebenturesVancouver, British Columbia--(Newsfile Corp. - July 26, 2024) - Lake Victoria Gold Ltd. (TSXV: LVG) (\"LVG\", or the \"Company\") - is pleased to announce that it has closed the first tranche of its non-brokered private placement announced on July 15, 2024 (the \"Private Placement\") of unsecured convertible debentures (each, a \"Debenture\") for gross proceeds to the Company of $563,000. The Company intends to close a subsequent tranche of the Private Placement to raise aggregate gross proceeds, together with the first tranche, of up to $750,000.Each Debenture bears interest at 12% per annum payable quarterly, which interest, may at the option of the Company be settled in cash or in common shares of the Company (each, a \"Share\") subject to the approval of the TSX Venture Exchange (the \"Exchange\"). Each Debenture matures 24 months from the date of issuance (the \"Maturity Date\"). As the Debentures are unsecured debt obligations of the Company, each Debenture ranks subordinate to any secured debt obligations of the Company.The outstanding principal amount of each Debenture is convertible, at the option of the holder, at any time prior to the Maturity Date, into common shares of the Company (each, a \"Share\") at a conversion price of $0.18 per Share (the \"Conversion Price\"). The Debentures are subject to a forced conversion provision whereby the Company may, in its sole discretion, convert the outstanding principal amount of the Debentures into Shares at the Conversion Price if, at any time after the first year following the date of issuance of the Debentures and prior to the Maturity Date, the Shares trade at a closing price above $0.275 for a period of 20 consecutive trading days on the Exchange.The Company intends to use the proceeds of the Private Placement for general working capital purposes.The Debentures and, if issued within four months from the date of issue of the Debentures, the Shares, are subject to a hold period expiring four months and one day following the date of issue of the Debentures in accordance with applicable Canadian securities laws. No finder's fees were paid in connection with the first tranche of the Private Placement. The Private Placement is subject to the final approval of the ...

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