PC Gold closes $600,000 debenture financing

Jan 9, 2014

PC GOLD COMPLETES PRIVATE PLACEMENT OF SENIOR SECURED DEBENTURES

PC Gold Inc. has completed a non-brokered private placement financing through the issuance to arm’s-length lenders of $600,000 principal amount of senior secured debentures of the company, at a purchase price and gross proceeds of $500,000. The debentures bear interest at a rate of 4.0 per cent per year, payable quarterly in arrears, and have a maturity date of July 8, 2015. The company’s obligations under the debentures are direct secured obligations of the company ranking senior to all indebtedness of the company, subject to certain permitted encumbrances. As additional consideration for their loans, the lenders were also issued two million common shares in the capital of the company.

The funds raised from the offering will be used for general corporate and working capital purposes to enable the company to continue to seek additional financing or strategic transactions for the development of its Pickle Crow gold project.

The debentures and bonus shares are subject to a hold period that will expire on May 9, 2014. The offering remains subject to the final approval of the Toronto Stock Exchange.

http://www.pcgold.ca/en/Press_releases_41.html