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Japan Gold Raises US$1 Million as it Closes a Convertible Debenture Financing

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Japan Gold (JG.V) on Thursday said it raised US$1 million as it closed a private placement of unsecured convertible debentures to Equinox Partners Investment Management, a strategic investor and major shareholder of the company.

The three-year debentures bear interest at a rate of 10% per year, accruing daily but payable, in cash, only at the maturity date, on the occurrence of an event of default or upon an early redemption. The company will have the right, at its option, to make an early redemption in cash of all or any part of the principal amount together with payment of any accrued but unpaid interest.

Proceeds will be used for general working capital needs. Equinox holds 90.1-million Japan Gold shares as of the closing date, a 29.34% stake in the company.

Shares of the company were last seen up $0.01 at $0.11 on the TSX Venture Exchange.

Price: $0.11, Change: $+0.01, Percent Change: +10.00%

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