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Source: https://www.stockwatch.com/News/Item.aspx?bid=Z-C%3aCCF-1925922&symbol=CCF®ion=C
Cobalt Coal arranges $1-million debenture offering
2012-02-10 16:42 PT - News Release
Mr. Al Kroontje reports
COBALT COAL LTD. ANNOUNCES THE TSX-V PRIVATE PLACEMENT OF CONVERTIBLE DEBENTURES
Cobalt Coal Ltd. (formerly Cobalt Coal Corp.) intends to complete a private placement of up to $1-million of convertible redeemable debentures, which will mature 24 months from the date of issuance and will bear interest at a rate of 12 per cent per year, payable on the maturity date.
The debentures will be convertible into units, with each unit comprising one common share of the corporation and one warrant, containing certain vesting conditions, to acquire a common share of the corporation at an exercise price of 20 cents, on the basis of 6,666 units per $1,000 principal amount of debentures and interest, subject to regulatory approval.
The corporation intends to use the proceeds from the debenture offering to pursue acquisition opportunities for the corporation, for general working capital and the for payment of expenses related to the debenture offering.
The debenture offering is subject to the approval of the TSX Venture Exchange. Pursuant to applicable securities laws, all securities issued pursuant to the debenture offering will be subject to a hold period of four months following the closing of the debenture offering.
We seek Safe Harbor.