Business
KAINANTU RESOURCES EXTENDS CLOSING ON PRIVATE PLACEMENT OF SENIOR CONVERTIBLE DEBENTURE
KAINANTU RESOURCES EXTENDS CLOSING ON PRIVATE PLACEMENT OF SENIOR CONVERTIBLE DEBENTURE ...
About this update from South Pacific Metals Corp.
[{"type":"text","content":"\n \n \n \n KAINANTU RESOURCES EXTENDS CLOSING ON PRIVATE PLACEMENT OF SENIOR CONVERTIBLE DEBENTURE\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 June 12, 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 extending the previously announced private placement (the \"Private Placement\") of senior convertible debentures (the \"Debentures\") to close on June, 16, 2023. The Private Placement which was originally announced on\n \n \n May 30, 2023\n \n \n .\n \n \n \n \n \n \n \n \n \n The Debentures, which will be issued pursuant to the Private Placement, will have a conversion price of\n \n C$0.08\n \n per common share of the Company (the \"Conversion Price\"), provided that if the Company does not complete a consolidation of its outstanding common shares (the \"\n \n Consolidation\n \n \") that would result in a conversion price of at least\n \n $0.10\n \n on a post-consolidation basis is not completed prior to the date that is 12 months from the date hereof, the Conversion Price shall thereafter be\n \n $0.10\n \n .\n \n \n Closing of the Private Placement and the Consolidation remain subject to approval from the TSX Venture Exchange.\n \n \n For more information about participation in the Private Placement or any other investor inquiries, please contact the Company or our Corporate Advisor – Jemini Capital, on the details set out below.\n \n \n About Kainantu Resources (KRL)\n \n \n Kainantu Resources 'KRL' is an\n \n Asia-Pacific\n \n focused gold mining company with four highly prospective gold-copper projects, the Kili Teke Project, KRL South, KRL North and the May River Project. All projects are located in premier mining regions in PNG.\n \n \n Both KRL North and KRL South show potential to host high-grade epithermal and porphyry mineralisation, as seen elsewhere in the high-grade Kainantu Gold District. The May River project is in close proximity to the world-renown...