Platinova Resources (TSE), a Toronto-based company which is involved in gold exploration in Greenland, recently completed a private placement agreement with President Robert Gannicott. Under the agreement, Gannicott is receiving a convertible debenture and 814,814 common share purchase warrants. The convertible debenture is in the principal amount of $1.1 million and bears an annual interest of 10%. It is convertible into common shares of Platinova at $1.35 per share and matures May 31, 1993.
The common share purchase warrants entitle the holder to purchase common shares of Platinova at $1.45 and expire May 31, 1993.
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