2018-11-26 Robex Resources Inc. Announces the Issuance of Unsecured and Non-Convertible Debentures
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Québec City, Quebec, November 26, 2018 – Robex Resources Inc. (“Robex” and/or “the Company”) (TSXV: RBX / FWB : RB4) announces the closing of its previously announced private offering of unsecured and non-convertible debentures for an aggregate principal amount of CAD $11,640,000 (“the 2018 Debentures”) with accredited investors, including related parties to the Company.
The 2018 Debentures bear interest at an annual rate of 10% and will mature on November 26, 2020. The 2018 Debentures will be redeemable by Robex, in whole or in part (by increments of CAD $1,000), at any time prior to the maturity date at a redemption price equal to their principal amount plus accrued and unpaid interest (“the Offering”).
The net proceeds of the Offering was used to repay the 2013 convertible debentures maturing on November 21, 2018, which will allow Robex to use its current cash flow to fund its operations and advance its exploration project.
A total of 9 persons who subscribed to 2018 Debentures are considered as "related parties” to the Company as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The issuance of the 2018 Debentures is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the 2018 Debentures distributed to, nor the consideration received from, interested parties exceeded 25% of the Company’s market capitalization.
FOR INFORMATIONS :
Augustin Rousselet, CFOO
Guillaume Emond, CPA, CMA, VP Admin
Head office: (581) 741-7421
This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Robex’s control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavourable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Robex. The forward-looking information is based on the estimates and opinions of Robex’s management at the time of the publication of the information and Robex does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.