Mr. Dev Randhawa reports
STRATHMORE ANNOUNCES CONVERTIBLE LOAN
REINVESTMENT
Strathmore Plus Uranium Corp. intends to complete a convertible loan financing of up to $250,000, to be subscribed to by existing shareholder and management
of the company. The financing facilitates the reinvestment of an existing convertible note under
new terms, allowing the corporation to save funds in its treasury.
The financing will consist of an unsecured convertible promissory note having a term
of 12 months from the closing date and bearing interest at the rate of 9 per cent per annum. During the
first year, interest will accrue and be payable 12 months from the date of closing. No principal
payments will be required until maturity. The principal amount of the Note will be convertible at
the election of the noteholder into units at 30 cents consisting of one common share and one
common share purchase warrant at any time up to the maturity date. Each warrant will have a
term of two years from the date of issuance of the note and entitle the holder to purchase one
common share. The warrants are exercisable for an additional share in the company at the price
of 33 cents. As provided in Policy 5.2 of the TSX Venture Exchange Corporate Finance Policy Manual,
interest will be convertible at the election of the noteholder into common shares of the company
at the market price as at the time of conversion of the interest.
The financing is subject to regulatory approval of the TSX Venture Exchange along with completion
of all definitive documentation and filings as required. All securities issued pursuant to the above
will be subject to a hold period of four months plus one day following the closing.
The subscription of the note is to an insider and is considered to be a related party transaction
subject to Multilateral Instrument 61-101. The company intends to rely on exemptions from the
formal valuation and minority shareholder approval requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the basis that participation in the financing by the
insider will not exceed 25 per cent of the fair market value of the company's market capitalization.
Neither TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
about Strathmore Plus Uranium Corp.
Strathmore has three uranium projects with approved exploration
plans in Wyoming, including Agate, Beaver Rim and Night Owl. The Agate and Beaver Rim
properties contain uranium in typical Wyoming-type roll front deposits based on historical and
recent drill data. The Night Owl property is a former surface mine that was in production in the
early 1960s.
We seek Safe Harbor.
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