Black Dragon closes on $251,000 in 15% debentures
Vancouver, BC – April 19, 2017 Black Dragon Gold Corp. (TSX-V:BDG) (“Black Dragon” or the “Company”) announces that, further to its news release dated March 29, 2017, it has closed on convertible debentures (the “Debentures”) totaling $251,000. The Debentures bear interest at a rate of 15% per annum, payable at maturity. The Debentures will mature and be repayable on or before April 18, 2019. The Debentures are convertible into common shares in the Company at a conversion price $0.055 per share until April 18, 2018 and $0.10 per share thereafter until April 18, 2019. Each $1,000 in principal amount of Debentures also includes 18,181 common share purchase warrants (each a “Warrant”). Each Warrant entitles the holder to acquire one additional common share of the Company at a price of $0.11 per common share for a period of 24 months. If, during this 24 month period, the volume weighted average price (“VWAP”) of Black Dragon’s common shares is at least $0.22 for a period of 7 consecutive trading days, Black Dragon may, at its option, accelerate the expiry date of the Warrants by issuing a news release or giving written notice thereof to all holders of the Warrants, and, in such case, the Warrants will expire on the earlier of: (i) the 30th day after the date on which the news release or written notice is provided by Black Dragon; and (ii) the original expiry date. In connection with the issuance of the Debentures, the holder thereof will be granted a right to nominate a member for election to the Company’s board of directors at any meeting of shareholders where directors are to be elected, provided such nominee is acceptable to regulatory authorities, for so long as the Debentures are outstanding.
Pursuant to a service agreement dated July 11, 2016, and previously approved by the TSX Venture Exchange, Lionsbridge Capital Pty Ltd., a company owned and controlled by Brian S. Wesson, CEO, B. Clyde Wesson, COO and Amelia Wesson, VP, will be receiving a finder’s fee of 570,454 shares in connection with the closing of the Debentures.
The Debentures, Warrants and finder’s fee shares will be subject to a hold period expiring on August 20, 2017.
Signed "Brian Wesson"
President and Chief Executive Officer
on behalf of the Board of Directors
FOR FURTHER INFORMATION PLEASE CONTACT:
Clyde Wesson, Vice President
Suite 300, 1055 West Hastings Street
Vancouver, B.C., V6E 2E9
Tel: (604) 694-1600
Cell: (778) 240-7055
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 release.