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KAINANTU RESOURCES ANNOUNCES SENIOR CONVERTIBLE DEBENTURE OFFERING; CONFIRMS COMMITMENTS FOR C$1,400,000
KAINANTU RESOURCES ANNOUNCES SENIOR CONVERTIBLE DEBENTURE OFFERING; CONFIRMS COMMITMENTS FOR C$1,...
About this update from South Pacific Metals Corp.
[{"type":"text","content":"\n \n \n \n KAINANTU RESOURCES ANNOUNCES SENIOR CONVERTIBLE DEBENTURE OFFERING; CONFIRMS COMMITMENTS FOR C$1,400,000\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n May 30, 2023\n \n \n /CNW/ - Kainantu Resources Ltd. (TSXV: KRL) (FSE: 6J0) (\"KRL\" or the \"Company\"), the\n \n Asia-Pacific\n \n focussed gold mining company, is pleased to announce subscriptions and/or commitments for\n \n C$1,400,000\n \n for the Company's offering (the \"Offering\") of a non-brokered private placement of Senior Convertible Debentures, also known as Convertible Promissory Notes (the \"Notes\").\n \n \n \n \n \n \n \n \n \n Under the Offering, KRL holds subscriptions (or firm commitments to subscribe) for\n \n C$1,400,000\n \n , which is sufficient for the Company's current initiatives.  The Offering enables KRL to accept subscriptions for total gross proceeds of up to\n \n C$1,800,000\n \n .\n \n \n Key Terms of the Offering:\n \n \n \n The Company will issue Notes to accredited investors to raise gross proceeds of up to\n \n C$1,800,000\n \n , with subscriptions in hand and/or commitments to subscribe already for\n \n C$1,400,000\n \n .\n \n \n Shares in Kainantu Resources Pte Ltd (\"KRPL\"), a\n \n Singapore\n \n registered company wholly owned by the Company, will be pledged as collateral.\n \n \n The Notes will accrue interest at a rate of 10% per annum, compounded annually and will mature after a period of 36 months.\n \n \n After 12 months from the completion of the Offering, the Notes will be convertible into units of the Company (the \"Units\") at a price of\n \n $0.08\n \n per Unit.\n \n \n Upon conversion, the Units will be comprised of 1 common share and 1 full warrant (\"Warrant\") allowing holders to acquire an additional share at\n \n $0.12\n \n per share within 36 months of closing.\n \n \n The Note contemplates a consolidation of KRL stock on a 2:1 basis prior to the 12-month anniversary of closing.\n \n \n After 18 months from closing, the Company will have an option to reques...