GREY:RNKLF - Post by User
Comment by
factRbeston Jun 07, 2017 9:58pm
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Post# 26338535
RE:RNC Minerals Closes US$10 Million Convertible Debt Financing
RE:RNC Minerals Closes US$10 Million Convertible Debt FinancingWow, am I a board member or am I psychic?
The Facility will bear interest at a rate of 10% per annum, payable quarterly. The Facility is convertible at the election of Waterton into shares of RNC at US $0.1912 (C$0.2573) per share up to a maximum of 75% of the principal amount (US$7.5 million) or into units (a "Unit Conversion") of the recently established nickel joint venture that is 50% owned by RNC and 50% owned by Waterton. The valuation basis for any Unit Conversion would be RNC's 50% share of the value of the Dumont project held by the joint venture (100% of which was valued at US$45 million) plus any completed investments that are funded by the US$30 million of committed capital to be utilized by the joint venture for nickel asset acquisitions. After receiving any notice of a Unit Conversion in excess of US$4.5 million of principal, RNC would have the right to prepay such excess principal amount plus applicable pre-payment fees. A one-time 2% structuring fee was paid to Waterton at closing.
Did I not say would would use more of Dumont to pay for Beta??????