Under the agreement, Locke Rich will purchase either five million special warrants or five million series 1, class C preferred shares of Golden Trio plus 2.5 million Golden Trio warrants.
Upon exercise, the warrants are redeemable for five million common shares of Golden Trio and 2.5 million warrants once Golden Trio has filed a final prospectus.
Each warrant entitles the holder to purchase one common share of Golden Trio at an exercise price of $2 per share(US) expiring on Dec 31, 1990. Each class C preference share carries one vote and is convertible into one common share of Golden Trio.
A condition of the private placement, which has yet to be approved by regulatory authorities and the Vancouver Stock Exchange, is that Locke completes a $15 million(US) private placement of its own convertible debentures to Arrington Organization.
Upon closing, the Golden Trio board will expand its board to seven members to include two Arrington nominees and one nominee from Locke Rich.
Proceeds of the private placement have been earmarked for mineral properties held by Golden Trio.
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