RE:RE:RE:RE:4n Wow .. this is excellent news! Initially I thought they only had 2N to 3N before the commencement of the testing. No wonder, the Investment Group wanted to convert the $250,000 into shares. We are ahead of schedule. The next steps:
- Uragold shall start the process required to spin out the Gold assets of the Corporation into a separate Company.
- the investors shall proceed with a $ 1,750,000 private placement by way of convertible debenture. -
-Uragold shall issue to the investor $ 1,750,000 principal amount of convertible debentures, which will be secured by the Quartz properties of Uragold. The debenture placement will be subject to standard regulatory approvals.
-The debenture will be convertible at the option of the holder into common shares of URAGOLD (the "Common Shares") at any time after the issue date of the debenture and prior to the Maturity Date at a conversion price equal to 135% of the closing price of the stock the day prior the closing of the debenture financing.
-The convertible debentures mature three years from the closing date and bear interest at a rate of 10% per annum, payable in equal semi-annual installments.
0If Uragold has not achieved 6N Purity by the time of investment of the $1,750,000 convertible debenture, the first priority of Uragold is to use the funds to achieve 6N Purity.