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Whitemud Resources Announces Proposed $15 million Convertible Debenture Financing with Werklund Capital
Whitemud Resources Announces Proposed $15 million Convertible Debenture Financing with Werklund C...
About this update from Whitemud Resources, Inc. Class A
[{"type":"text","content":"\n\n\n\n Oct. 26, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, Oct. 26 /CNW/ - Whitemud Resources Inc. ("Whitemud" or the\n "Company") (WMK - TSXV) is pleased to announce that it has accepted a\n proposal with Werklund Capital Corporation "Werklund Capital" whereby\n Werklund Capital  will provide $15 million in secured convertible\n debenture financing.  This proposal is subject to regulatory and\n stakeholder approvals, and due diligence by Werklund Capital.  The\n Board of Directors of Whitemud unanimously support this proposal.\n\n\nThis proposed new secured convertible debenture for $15 million\n ("Werklund Capital  Debenture") will be convertible at a price of $0.30\n per Whitemud common share and is to mature in 48 months.  The Werklund\n Capital Debenture will be used for working capital purposes and to\n retire/convert Whitemud's existing and outstanding $10.5 million\n debentures (the "Existing Debentures").  Up to 40% of the principal\n amount and accrued interest on the Existing Debentures shall be retired\n for cash at a 10% discount to face value.  No less than 60% of the\n principal amount plus any accrued interest on the Existing Debentures\n shall be converted into Common Shares at a price of $0.30 per share on\n or prior to closing of the transaction with Werk...