Business
Trigon Metals Enters into Institutional Funding Arrangements with The Lind Partners for C$5.5 Million and Sprott Mining for US$2.5 Million
TORONTO / May 02, 2022 / Business Wire / Trigon Metals Inc. (TSX.V:TM) (“Trigon” or the “Company”) is pleased to announce that it has entered into a convertible
About this update from Safi Silver Corp.
[{"type":"text","content":"TORONTO / May 02, 2022 / Business Wire / Trigon Metals Inc. (TSX.V:TM) (“Trigon” or the “Company”) is pleased to announce that it has entered into a convertible security funding agreement dated April 27, 2022 (the “Agreement”) with Lind Global Fund II, LP, an entity managed by The Lind Partners, LLC, a New York-based institutional fund manager (together, “Lind”). Under the terms of the Agreement, Trigon has agreed to issue to Lind a convertible security in the principal amount of C$5,500,000, with such proceeds being used for general working capital and to repay all outstanding amounts owing to IXM S.A. pursuant to the credit facility between IXM and the Company. Lind Partners Facility Pursuant to the Agreement, Lind has agreed to make an investment of C$5,500,000, less a commitment fee of C$165,000, in exchange for a convertible security (the “Convertible Security”) with a face value of C$6,600,000 (the “Face Value”), representing a principal amount of C$5,500,000 (the “Principal Amount”) and a pre-paid interest amount of C$1,100,000 (the “Pre-Paid Interest”). Commencing four months from closing, Trigon will begin repaying the Convertible Security in C$275,000 monthly installments. Lind will have the right to convert any portion of the Principal Amount (less the commitment fee) into common shares of Trigon (\"Common Shares\") at a price per share of C$0.335 (the “Conversion Price”). Pre-Paid Interest will accrue over a period of 24 months from closing and be calculated at the end of each calendar month. Once accrued, Lind will have the option, once every 90 days, to convert accrued Pre-Paid Interest into Common Shares (\"Common Shares\") at a price equal to 90% of the market closing price of the Common Shares on the TSX Venture Exchange (the “Exchange”) on the day immediately prior to conversion (the \"Interest Conversion Price\"). With mutual consent of Lind, Trigon has the option to buy back the remaining outstanding Convertible Security in cash at any time with no penalty. If Trigon exercises the buy-back option, Lind will have the option to convert (i) up to 33.3% of the outstanding Principal Amount at the Conversion Price into Common Shares, and (ii) up to 100% of the total Pre-Paid Interest at the Interest Conversion Price into Common Shares. Additionally, in the event of a change of control of the Company, Lind may conve...