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Stratabound Announces Debt Restructuring and Reduction Through Shares for Debt Transaction, Corporate Update and AGM Results
Toronto, Ontario--(Newsfile Corp. - September 11, 2023) - Stratabound Minerals Corp. (TSXV: SB) ...
About this update from Lode Gold Resources Inc
[{"type":"text","content":"Stratabound Announces Debt Restructuring and Reduction Through Shares for Debt Transaction, Corporate Update and AGM ResultsToronto, Ontario--(Newsfile Corp. - September 11, 2023) - Stratabound Minerals Corp. (TSXV: SB) (OTCQB: SBMIF) (\"Stratabound\" or the \"Company\") announces that it has entered into agreements to restructure and reduce the debt obligations it assumed through the acquisition of California Gold Mining Inc. and its Fremont and Dingman Gold Projects in August 2021.The Company today entered into a shares for debt settlement agreement pursuant to which it has agreed to issue 45,237,216 Common shares at $0.03 per share to settle a Company debt in the amount of $1,357,116.49 owing to R. W. Tomlinson Ltd. under a note the Company assumed with the acquisition of California Gold Mining Inc. and its subsidiaries.The debt settlement is subject to the acceptance of the TSX Venture Exchange (\"TSXV\"). The Company shares issued upon closing of the Debt Settlement will be subject to a statutory 4-month hold period. There are no finder's fees or commissions payable in connection with the Debt Settlement transaction.The Company further announces that today it has also concluded a Third Amendment to Construction Loan Agreement, (the \"Amendment\") on its remaining outstanding debt obligations to Romspen Investment Corporation such that it will be extending its outstanding principal balance of US$2,375,881.35 to July 31, 2025 at an interest rate of 15% with all interest accrued and payable on any monthly payment date paid by adding such amount to (and thereby increasing) the outstanding principal balance of the loan. (as it may have been increased by any prior payments of payment-in-kind interest) . The Amendment also includes an optional conversion right subject to applicable securities legislation, the policies of the TSXV and the provisions of the Amendment, such that the lender may, at its option from the date hereof until the close of business on the business day immediately preceding the maturity date, convert all, or a portion of, the outstanding principal balance, any accrued but unpaid interest thereon and any fees, from time to time, as such amounts are converted from United States dollars into Canadian dollars, into such number of fully-paid, non-assessable common shares (\"Common Shares\") in the capital of Strata...