Lion Copper and Gold Corp (TSX-V:LEO, OTCQB:LCGMF) said it has completed the first tranche of its previously-announced, non-brokered private placement of unsecured convertible debentures, raising gross proceeds of US$1,075,000.
The resource projects developer said proceeds of the offering will be applied to fund the return of the US$1 million deposit to Desert Pearl Farms and the balance will be used for general working capital.
Lion Copper and Gold noted the debentures bear interest at the rate of 14% per annum and mature on February 17, 2024, but may be converted into shares of the company at US$0.067 per share until June 17, 2023, and at US$0.078 per share thereafter.
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It added that a current company director participated in the financing for the principal amount of US$250,000.
All securities issued are subject to a four-month hold period expiring on October 18, 2022, in accordance with applicable securities laws and the policies of the TSX Venture Exchange.
Lion Copper and Gold is a Canada-based company advancing its flagship MacArthur Copper project in Nevada, in addition to advancing its exploration projects including the Chaco Bear and Ashton properties in highly-prospective regions in British Columbia, and the Blue Copper prospect in Montana.
Contact Sean at sean@proactiveinvestors.com