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KBL

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0.1¢ kbl mining limited

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68

25/08/16

20:50

Post #: 18692766
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Originally posted by pauljbo470 ↑

Lucky you have such a generous investor to provide all this working capital. Its good to see someone making a lot of money from KBL. Quintana and the investor just about have it wrapped up.

Issue of further Convertible Notes to Investor
The Company has entered into a Convertible Securities Agreement (Facility) with the Investor, for up to a further $3,000,000 in funding over the next 15 months by the issue of up to a further six (6) tranches of unsecured Convertible Notes (each a Convertible Note Tranche). Each Convertible Note will be issued with a face value of $10,000 and the total value per Convertible Note Tranche will be between $150,000 and $500,000 each. These Convertible Notes Tranches are in addition to the Convertible Notes already issued as further described in connection with Resolution 6.
Under the Facility:

(a) the Investor will be entitled to an establishment fee of $150,000 payable by issue of Shares at the current market price – this issue of Shares is dealt with in Resolution 8;
(b) the Investor will be issued and additional 8,000,000 Shares as collateral in respect of the Company’s obligations under the Facility – this issue of Shares is dealt with in Resolution 9;
(c) drawdown and issue of the next Convertible Note Tranche is expected to occur following the General Meeting;
(d) subsequent drawdowns and issue of further Convertible Tranches may occur each 120 days (or such other period as agreed with the Investor) until all 6 further Convertible Notes have been issued;
(e) on each drawdown and issue of a Convertible Note, the Investor will be entitled to fees of 1% of the face value of the Convertible Note Tranche payable in Shares to be issued at a 10% discount to the average of the five daily VWAPS prior to the drawdown and options over Shares equivalent to 50% coverage with an exercise price equal to the lower of:
pp30% premium to the lowest of the 5 daily VWAPs prior to the drawdown; or
pp30% premium to the lowest of the 5 daily VWAPs prior to the issue of the next Convertible Note.

Shares and Options to be issued in satisfaction of these fees are not the subject of Shareholder approval at the General Meeting and will be issued under the Company’s general capacity to issue Equity Securities;
(f ) each Convertible Note Tranche will have a minimum face value of $150,000, and this amount may be increased to $500,000 by agreement between the Company and the Investor;
(g) in consideration for the issue of each Convertible Note Tranche, the Investor will provide the Company with a cash amount equal to 85% of the total face value of the Convertible Note Tranche;
(h) the face value of each Convertible Note is repayable 12 months after issue (or upon a change of control of the Company), and does not otherwise carry an interest coupon; and
(i) if the Investor elects to convert into Shares, the conversion price is the lesser of:

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I just checked commsec and it's not there ...

KBL Price at posting: 0.2¢ Sentiment: Buy Disclosure: Held
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