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LKA Gold Insiders to Convert 7.5% Convertible Debentures to Common at Reduced Conversion Price
LKA Gold Insiders to Convert 7.5% Convertible Debentures to Common at Reduced Conversion Price.
About this update from Lka Gold Inc
[{"type":"text","content":"\n\n\n\nLKA Gold Insiders to Convert 7.5% Convertible Debentures to Common at Reduced Conversion Price\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nLKA Gold Insiders to Convert 7.5% Convertible Debentures to Common at Reduced Conversion Price\nConvertible debenture holders offered a reduced conversion price for a limited period.\nPR Newswire\nGIG HARBOR, Wash., March 26, 2018\n\n\n\nGIG HARBOR, Wash., March 26, 2018 /PRNewswire/ -- LKA Gold Incorporated (OTCQB: LKAI) reports that certain of the Company's largest shareholders and insiders have agreed to convert their 7.5% convertible debentures, plus accrued interest, to LKA common stock at a price of $.20 per share. When originally issued, the debentures carried a conversion price of $.50 per share. All LKA debenture holders and certain of the Company's unsecured creditors will be offered this same reduced conversion price until 6:00 PM PDT on April 30, 2018.\n\nIncluded amongst the insiders who've agreed to convert debentures are the Koski Family Limited Partnership, Kye Abraham, Caldera Partners Limited Partnership and individual Koski family members. Principal and accrued interest on these debentures will total $644,998 on April 31, 2018. All other debenture holders will be entitled to convert their debentures on the same terms and will be limited to the same April 30, 2018 deadline. \n\nAdditionally, certain amounts due for unpaid salary, cash advances, and services to Kye Abraham, Caldera Partners and Abraham & Co. amounting to $120,380 (including accrued interest) will also be converted, during this same period, to LKA shares on the same terms. Total of all conversions agreed upon to date is $765,378. \n\nAccording to LKA President, Kye Abraham, \"The conversion of these obligations to common stock will significantly improve our balance sheet, reduce operating expenses and make LKA a more attractive candidate for future financings.\"\n\nAbout Koski Family Limited Partnership The Koski Family Limited Partnership (\"KFLP\") was organized in 1996 by members of the Robert E. Koski family as a vehicle for ma...