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Tanzanian Royalty Announces 'Significant' Restructuring of Convertible Note Financing |
March 26, 2015
TORONTO, ONTARIO--(Marketwired - March 25, 2015) - Tanzanian Royalty Exploration Corporation (TSX:TNX)(NYSE MKT:TRX) (the "Company") is pleased to announce that it has amended the recently announced terms of its convertible senior note financing with an institutional lender, the first drawdown under which successfully closed on December 29, 2014.
Under the original financing terms, notes in the principal amount of US$10,000,000 were issued at an 8% discount, yielding an initial funding amount of US$9,200,000. The initial (closing) drawdown was US$1,766,558, and the balance of the funded amount (less expenses of issue) was placed in escrow to be available for future drawdowns, subject to the Company meeting certain financial ratios. The notes were to bear interest at 8% per annum, payable monthly.
http://www.marketwired.com/mw/release.do?id=2003768&sourceType=3
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