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Treasury Metals Announces Amendment and Extension of Convertible Debenture
Treasury Metals Announces Amendment and Extension of Convertible Debenture Canada NewsW...
About this update from Nexgold Mining Corp.
[{"type":"text","content":"\n \n \n \n Treasury Metals Announces Amendment and Extension of Convertible Debenture\n \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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSX: TML        OTCQX: TSRMF\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 15, 2023\n \n \n /CNW/ -\n \n Treasury Metals Inc.\n \n (TSX: TML) (OTCQX: TSRMF) (\"\n \n Treasury\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that the Company and its lender's agent, Extract Advisors LLC (\"\n \n Extract\n \n \"), have completed an amendment (the \"\n \n Amendment\n \n \") to the existing convertible term loan (the\n \n \"Loan\n \n \"). The Amendment amended, among other terms, the maturity date of the Loan (extending it to\n \n June 30, 2026\n \n from\n \n June 30, 2023\n \n ) and both fixes and reduces the interest rate to 9.75% from a floating rate of LIBOR + 6.5%.\n \n \n Pursuant to the terms of the Amendment, the Loan will continue to be convertible at the election of Extract into common shares in the capital of the Company (the \"\n \n Common Shares\")\n \n at a conversion price of\n \n C$0.96\n \n per Common Share. As consideration for the extension of the Loan, Treasury will issue approximately 8.2 million Common Share purchase warrants (the \"\n \n Warrants\n \n \"). Each Warrant is exercisable for one Common Share for a period of three (3) years from the date of issuance, at an exercise price of\n \n $0.441\n \n per Warrant, which represents a 50% premium to the 20-day VWAP of the Common Shares as at\n \n May 31, 2023\n \n .\n \n \n The Amendment also provides flexibility for the Company to pursue project financing, with the ability to subordinate the Loan with project financing or prepay the Loan in cash if a suitable intercreditor agreement between Extract and the project financing provider cannot be reached. Such prepayment option is subject to the Company paying a premium equal to the greater of (a) interest on the outstanding principal amount of the Loan for the remainder of the Loan term,...