Lion Copper and Gold Corp (TSX-V:LEO, OTCQB:LCGMF) said it has closed its previously announced non-brokered private placement of unsecured convertible debentures for gross proceeds of C$1,753,796.50.
The company said the proceeds of the financing will be used for general working capital.
The debentures bear interest at the rate of 14% per annum and mature on November 2, 2024, Lion Copper and Gold said. The debentures may be converted into shares of the company at C$0.095 per share until January 2, 2024, and thereafter at C$0.10 per share.
READ: Lion Copper and Gold announces US$1.3M convertible debenture financing
Further details of the financing can be found here.
The company also announced that it has granted incentive stock options under its 2022 stock option plan to a consultant of the company to purchase up to an aggregate of 350,000 shares of the company.
The stock options are exercisable at C$0.095 per share and expire five years from the date of grant, Lion Copper and Gold said.
Additionally, the company said it has successfully completed financing for its US-controlled subsidiary Blue Copper Resources Corp.
Under the financing, Blue Copper received an aggregate of US$2,000,000 through the sale of shares of its common stock by way of a private placement, and a further US$867,500 according to the conversion of Simple Agreement for Future Equity notes.
Following the financing of Blue Copper, Lion Copper and Gold said it retains a 48% interest in Blue Copper.
The proceeds will be applied to advance exploration of the Blue Copper prospect and to pursue other greenfield exploration targets, the company said.
Lion Copper and Gold is a Canadian-based company advancing its flagship copper projects at Yerington, Nevada, through an option to earn-in agreement with Rio Tinto.
Contact the author at emily.jarvie@proactiveinvestors.com
Follow her on Twitter @emilyjjarvie