F3 Uranium Settles Debenture Interest with Shares, Focuses on Patterson Lake North Project
F3 Uranium Corp., a uranium exploration company, has announced a significant transaction involving a debenture and common shares. The debenture, with a 9% coupon payable quarterly, matures on October 18, 2028. The company's primary focus is the Patterson Lake North Project in the Athabasca Basin, Saskatchewan.
F3 Uranium Corp. has elected to settle a portion of its accrued interest on the debenture in common shares. The company may issue up to one-third of the interest in shares, with the price set at the volume-weighted average trading price on the TSXV. The shares issued are subject to TSX-V approval and a statutory hold period in Canada.
The payment to Denison Mines Corp., which holds the debenture, consists of a cash payment of $225,000 and 556,931 common shares at a deemed price of $0.202 per share. The debenture is convertible into common shares of F3 Uranium Corp. at a conversion price of $0.56 per share. The transaction was approved by F3 Uranium Corp.'s Board of Directors and did not require a formal valuation or minority shareholder approval.
Forward-looking statements in the news release are subject to risks and uncertainties that could cause actual results to differ materially from those projected. F3 Uranium Corp. is led by Chairman and CEO Dev Randhawa.
F3 Uranium Corp. has settled a portion of its interest accrued on the debenture through a shares-for-debt transaction with Denison Mines Corp. The company's Board of Directors approved the transaction, which involved a cash payment and issuance of common shares. The debenture remains convertible into common shares at a specified conversion price. The company continues its uranium exploration activities, focusing on the Patterson Lake North Project.
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