Loading, Please Wait...
LONGUEUIL, QUEBEC--(Marketwired - Jan 27, 2016) - Avala Resources Ltd. ("Avala") (TSX VENTURE:AVZ) announces that, further to its press release dated January 22, 2016, it has received acceptance from the TSX Venture Exchange ("TSXV") to issue up to US$1 million of senior secured convertible debentures to Dundee Precious Metals Inc. ("DPM") and it has closed an initial tranche of US$500,000. This initial tranche of the debenture bears interest at the rate of 12% per annum and matures on May 26, 2016.
DPM has the option to convert all or part of the principal amount of the debenture into common shares of Avala at any time up to 180 days after maturity of the debenture at a conversion price of $0.05 per common share. The debenture has been issued in reliance upon a prospectus exemption. The debenture and the underlying securities, as applicable, will be subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable securities legislation. The private placement is subject to receipt of all necessary regulatory approvals, including the final acceptance of the TSXV.
About Avala Resources Ltd.: Avala is a mineral exploration company focused on the exploration and development of gold and copper projects in Serbia including the Timok, Tulare and Lenovac projects.
The common shares of Avala trade on the TSXV under the symbol 'AVZ'. Avala's issued and outstanding share capital totals 43,598,138 common shares, of which approximately 50.1% is held by DPM. Additional information about Avala and its projects is available on SEDAR (www.sedar.com) and on the website of Avala (www.avalaresources.com).
Neither the 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 press release.
Avala Resources Ltd.
David Fennell, Executive Chairman