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Queen's Road Capital Announces Follow-on Investment in IsoEnergy Ltd.
Hong Kong, Hong Kong--(Newsfile Corp. - November 16, 2022) - Queen's Road Capital Investment ...
About this update from Queen's Road Capital Investment Ltd.
[{"type":"text","content":"Queen's Road Capital Announces Follow-on Investment in IsoEnergy Ltd.Hong Kong, Hong Kong--(Newsfile Corp. - November 16, 2022) - Queen's Road Capital Investment Ltd. (TSX: QRC) (the \"Company\" or \"QRC\") is pleased to announce that it has entered into an agreement with IsoEnergy Ltd. (TSXV: ISO) (\"IsoEnergy\") whereby the Company will invest an additional US$4,000,000 in IsoEnergy by way of convertible debenture.The convertible debenture will have similar terms as the 2020 convertible debenture such as a 5-year term and voting alignment but updated to a 10.0% coupon and will be convertible into IsoEnergy common shares at a share price of C$4.33, being a 30% premium to the price at which the concurrent private placement to NexGen Energy Ltd. (TSX: NXE) (\"NexGen\") is being conducted. The interest is payable semi-annually, 7.5% in cash and 2.5% in shares at the 20-day volume weighted average price prior to each interest payment date. Use of proceeds will be for further exploration of the Company's Athabasca Basin properties and for general corporate purposes.Warren Gilman, Chairman and CEO of the Company commented: \"QRC is delighted to increase its commitment to IsoEnergy at a time when the fundamentals for the nuclear sector have never been so strong as a growing number of countries transition away from fossil fuel electricity sources and their dependence on foreign imports of oil and gas. IsoEnergy's high-grade Hurricane uranium deposit follows the discovery of NexGen's Rook I deposit and QRC is proud to be a partner in advancing both those deposits.\"IsoEnergy is a uranium exploration and development company with a portfolio of projects in the Eastern Athabasca Basin in Saskatchewan, Canada. In July 2022, Iso Energy announced a maiden resource at the high-grade core within the Hurricane deposit containing 43.9 million pounds of uranium at a grade of 52.1% U3O8.Completion of the investment, which is expected to occur in the next few weeks, is subject to a number of conditions, including completion of due diligence, the execution of definitive documentation and the receipt of all required regulatory approvals, including the TSXV.About Queen's Road Capital Investment Ltd.Queen's Road Capital is a dividend paying, leading financier to the global resource sector. The Company is a resource focused investment company, makin...