The basic terms of the second Convertible Note are as follows;
Principal Amount
A$1,000,000
Maturity Date
30 April2026
Interest
NIL
Discount to Principal Amount
A$100,000 (in lieu of interest)
Early Repayment
At the Company’s option at 110%of any outstanding balance of the Convertible Note within the first year after issue, and 115% in the second
Conversion
TheNote holder may convert all or partof any outstanding amount of the Convertible Note at a conversion price equal to:
i)$0.04 per share; or
ii)A 10% discount to the numericaverage of the lowest 5 daily VWAP’s in the 15 trading days prior to conversion which can not be less than $0.015 per share
Security
40,000,000 AAU shareson the issueof the Convertible Note which can be applied to any conversion.
Law & Jurisdiction
Queensland
Antilles Gold has sufficient placement capacity under Listing Rule 7.1, or 7.1A for the second Convertible Note.
The Company has issued 27,000,000 AAU shares at $0.02 each to Patras Capital as Security Shares for the second Convertible Note from existing capacity under Listing Rule 7.1A.
The balance of the Security Shares (13,000,000) will be issued in due course.
The majority of the funds raised will be applied to subscribing for shares in the Cuban joint venture company, Minera La Victoria, for it to continue pre-development activities for the Nueva Sabana gold-copper mine.
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