P2 Gold elects to pay accrued interest on convertible debentures with company shares. Conversion price increases, and issuance remains subject to TSX Venture Exchange approval.
P2 Gold (TSX-V: PGLD) (OTCQB: PGLDF) announces that it has chosen to settle its accrued interest obligation on convertible debentures by issuing shares of the company. The conversion price for the debentures will also increase to $1.00 per $1,000 principal amount held as of the applicable interest payment record date. The company notes that no fractional common shares will be delivered upon payment of the interest.
The issuance of common shares for interest remains subject to approval from the TSX Venture Exchange. Additionally, the common shares to be issued will have a four-month hold period from the issuance date. A director and officer of the company holds convertible debentures, classifying the interest payment as a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (MI 61-101). This related party transaction is exempt from minority approval and formal valuation requirements under subsections 5.5(b) and 5.7(1)(a) of MI 61-101 as the fair market value of the debt, and the fair market value of the shares to be issued in settlement, do not exceed 25% of P2 Gold's market capitalization. P2 Gold is a mineral exploration and development company focused on advancing its gold-copper Gabbs Project located on the Walker Lane Trend in Nevada. A positive preliminary economic assessment outlines a long-life, mid-size mine at Gabbs with an annual average production of 104,000 ounces gold and 13,500 tonnes copper over a 14.2 year mine life
Mineral Exploration Gold Mining Copper Mining Related Party Transaction TSX Venture Exchange
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