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Queen's Road Capital Announces Investment in IsoEnergy Ltd.
Hong Kong, Hong Kong--(Newsfile Corp. - July 23, 2020) - Queen’s Road Capital Investm...
About this update from Queen's Road Capital Investment Ltd.
[{"type":"text","content":"Queen's Road Capital Announces Investment in IsoEnergy Ltd.Hong Kong, Hong Kong--(Newsfile Corp. - July 23, 2020) - Queen’s Road Capital Investment Ltd. (TSXV: QRC) (the \"Company\" or “Queen’s Road Capital”) is pleased to announce that it has entered into an agreement with IsoEnergy Ltd. (“Iso Energy”) (TSXV: ISO) whereby the Company will invest US$6,000,000 in IsoEnergy by way of convertible debenture.The convertible debenture will have a 5-year term, carry an 8.5% coupon and will be convertible into IsoEnergy common shares at a share price of C$0.88. The interest rate on the debenture will decrease to 7.5% when IsoEnergy releases a positive independent preliminary economic assessment on the Hurricane Zone at its flagship Larocque East property.IsoEnergy is a uranium exploration and development company with a portfolio of projects in the Eastern Athabasca Basin in Saskatchewan, Canada. In August 2018, IsoEnergy announced the discovery of high-grade uranium mineralization at Hurricane with their first drill hole on the property. During its recently completed Winter 2020 drill program, IsoEnergy intersected very strong uranium mineralization in several drill holes, the best of which was 8.5m of 33.9% U3O8 in drill hole LE20-34, including 5.0m of 57.1% U3O8.Warren Gilman, Chairman and CEO of the Company commented: “The Hurricane Zone at Larocque East is shaping up as the most exciting uranium discovery since NexGen’s discovery of Arrow in 2014. Queen’s Road Capital is thrilled to support the next phase of development of the project, led by a tremendous team at IsoEnergy. With the Summer 2020 drill program scheduled to start imminently, we look forward to following the growth and development of the discovery into an economic deposit.”Completion of the investment is subject to receipt of all required regulatory approvals, including the TSXV and is expected to occur in August 2020.Queen's Road Capital is a leading financier to the global resource sector. The Company is a resource focused investment company, making investments in privately held and publicly traded resource companies. It is intended that the Company will acquire and hold securities for both long-term capital appreciation and short-term gains, with a focus on convertible debt securities and resource ...