Traction Uranium Corp. Closes Private Placement of Unsecured Convertible Debentures
Traction Uranium Corp. (CSE: TRAC) (OTC: TRCTF) (FRA: Z1K) has announced the closing of its non-brokered private placement of unsecured convertible debentures, raising aggregate gross proceeds of C$500,000. The company intends to use the net proceeds for general and administrative expenditures and general working capital purposes.
The Convertible Debentures are denominated in principal amounts of C$1,000 and will mature 12 months from the date of issuance. They will bear interest at a rate of 10% per annum, calculated quarterly in arrears and payable on the Maturity Date. The principal amount of each Convertible Debenture, plus any accrued interest, is convertible into units of the company at the election of the holder on or at any time prior to the Maturity Date.
Terms of the Convertible Debentures
Each unit shall be comprised of one common share and one common share purchase warrant, with each warrant entitling the holder to acquire one common share at an exercise price equal to 110% of the market price for a period of 24 months from the date of issuance. The company’s management believes that this financing will provide the necessary capital to support its ongoing exploration and development activities.
All securities issued pursuant to the offering will be subject to a statutory four-month and one-day hold period. The company reminds investors that this news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws.
About Traction Uranium Corp.
Traction Uranium Corp. is a mineral exploration company focused on the development of discovery prospects in Canada, including its uranium project in the Athabasca Region. The company invites investors to learn more about its exploration-stage activities at https://tractionuranium.com/.
For more information, please contact Jared Suchan, CEO and Director, at (604) 425-2271 or info@tractionuranium.com.
This news release contains forward-looking information, which is subject to various risks and uncertainties. Investors are cautioned not to place undue reliance on forward-looking information, as actual results may differ materially from those anticipated.
Source: Here
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