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Plato Gold Closes First Tranche of Convertible Debenture
TORONTO, June 15, 2017 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V:PGC) (“Plato” or the “Company”), an exploration company with a portfolio of properties in Nor
About this update from Plato Gold Corp.
[{"type":"text","content":"TORONTO, June 15, 2017 (GLOBE NEWSWIRE) -- Plato Gold Corp. (TSX-V:PGC) (“Plato” or the “Company”), an exploration company with a portfolio of properties in Northern Ontario and Santa Cruz, Argentina is pleased to announce that it has closed the first tranche of its non-brokered private placement of convertible debentures (the “Offering”) previously announced on June 1, 2017. Pursuant to the Offering, for the first closing, the Company issued convertible debentures for gross proceeds totaling $250,000. The convertible debentures carry interest at the rate of 10% per annum, payable annually. The maturity date of the convertible debentures is 36 months following the date of issue of the debentures. The convertible debentures are unsecured. The convertible debentures are convertible at the holder's option at exercise price of $0.05 per common share in the first 12 months and $0.10 per common share thereafter until maturity. The Company may redeem all or any portion of the convertible debentures at any time prior to or on the maturity date. The proceeds from the sale of the convertible debentures will be used by the Company for exploration work on the Good Hope Niobium Project near Marathon Ontario and for general working capital purposes. The final closing of the offering is expected to be on or about June 22, 2017 or such other date or dates as the Company may determine in its discretion. Closing of the offering is subject to receipt of all required regulatory approvals, including final approval of the TSX Venture Exchange. Assuming completion of the maximum offering, there will be 149,591,655 common shares of the Company issued and outstanding if conversion in the first year and 146,591,655 common shares of the Company issued and outstanding if conversion after the first year. The convertible debentures and the underlying securities, as applicable, will be subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable securities legislation. About Plato Gold Corp. Plato Gold Corp. is a Canadian exploration company listed on the TSX Venture Exchange with projects in Marathon Ontario, Timmins Ontario and Santa Cruz, Argentina. The Good Hope Niobium Project consists of a total of 19 claims, 263 claim units and 4,208 hectares in Killala Lake A...