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LKA Gold Issues 7.5% Convertible Notes to Members of the Koski Family
LKA Gold Issues 7.5% Convertible Notes to Members of the Koski Family.
About this update from Lka Gold Inc
[{"type":"text","content":"\n\n\n\nLKA Gold Issues 7.5% Convertible Notes to Members of the Koski Family\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 Issues 7.5% Convertible Notes to Members of the Koski Family\nPR Newswire\nGIG HARBOR, Wash., Oct. 9, 2015\n\n\n\nGIG HARBOR, Wash., Oct. 9, 2015 /PRNewswire/ -- LKA Gold Incorporated (OTCQB:LKAI) reports that it recently finalized a private placement of 7.5% convertible notes (the \"Notes\") with certain members of the Koski family. The Notes carry an interest rate of 7.5% per annum with a 3-year term and are convertible, at any time by the Note holder, into LKA common stock at the rate of $.50 per share. Assuming the Notes are converted at maturity, or at any time up to the maturity date at the election of the Note holder, the Company issue new Class A common shares equal to the amount of interest and principal designated for conversion by the Note holder. These newly-issued Notes represent LKA's only form of long-term debt. Additional Notes may be issued by LKA at a later date.\n\nThrough a series of three separate, private, transactions since August of 2014, the Koski family (individually and collectively through the Koski Family Limited Partnership) has made an aggregate investment in LKA, and/or its affiliates, of $2.65 million not including convertible notes, open-market share purchases, or off-market transactions with unaffiliated shareholders. KFLP and Koski family members comprise LKA's largest shareholder position aside from Abraham family-controlled interests.\n\nAccording to LKA President, Kye Abraham, \"This latest transaction with members of the Koski family enables LKA to postpone any larger equity sales and avoid excessive dilution for our existing shareholders during the currently depressed market for gold and gold-related equities. We're very appreciative of Koski family support as we move forward with our new exploration partner, Kinross Gold USA, in the search for the next high-grade ore body at the Golden Wonder mine.\"\n\nAbout Koski Family Limited PartnershipThe Koski Family Limited Partnership (\"KFLP\") was ...