Business
Waraba Gold Limited Entered into Convertible Loan Agreements
Toronto, Ontario--(Newsfile Corp. - April 9, 2021) - Waraba Gold Limited (CSE: WBGD) (FSE: ZE0) ("Waraba" or the "Company") is pleased to announce that it has e
About this update from Waraba Gold Limited
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - April 9, 2021) - Waraba Gold Limited (CSE: WBGD) (FSE: ZE0) (\"Waraba\" or the \"Company\") is pleased to announce that it has entered into convertible loan agreements (the \"Loan Agreements\") with two arm's length lenders (each a \"Lender\", and collectively, the \"Lenders\") to borrow from each Lender USD$500,000 (the \"Loan\"), with the Company paying a facility fee of USD$150,000 to each Lender (the \"Facility Fee\") capitalized into the Loan, and payable on the Conversion Date (as defined below). The principal amount advanced under the Loan plus the Facility Fee, less any Cash Repayment Amount, if elected by a Lender, is convertible into new shares in the capital of Waraba (the \"Conversion Shares\"), on the earlier of (i) October 31, 2021; and (ii) the Company completing an equity financing of CAD$2,000,000 (the \"Conversion Date\"). The number of Conversion Shares is to be calculated at the prevailing exchange rate at the Conversion Date, divided by the lower of (i) CAD$0.20; and (ii) the price per share at which the equity financing is completed (the \"Conversion Price\"). No interest to be charged on the Loan. The Company further announces that Mr. Brent Hahn has resigned as a member of the Board of Directors (the \"Board\"). The Company would like to thank Mr. Hahn for his time serving as a director and wishes him well in his future endeavours. The Company further announces that the Board has appointed Mr. Binyomin Posen as a director of the Company effective immediately. Mr. Binyomin Posen is a Senior Analyst at Plaza Capital Limited, where he focuses on corporate finance, capital markets and helping companies to go public. After three and a half years of studies overseas, he returned to complete his baccalaureate degree in Toronto. Upon graduating (on the Dean's List), he began his career as an analyst at a Toronto boutique investment bank were his role consisted of raising funds for IPOs and RTOs, business development for portfolio companies and client relations. About Waraba Gold Limited Formerly Zenith Exploration Inc., the Company changed its name to Waraba Gold Limited on October 23, 2020. The Company is a resource exploration company that is acquiring and exploring mineral properties. The Company is a reporting issuer in the provinces of British Columbia and Alberta. The Co...