On August 22, 2024, Wedgemount Resources Corp., a company based in Vancouver, British Columbia, announced the successful closure of the first tranche of its non-brokered private placement offering. This offering, which consists of convertible debenture units, raised a total of $1,615,000.
Each debenture unit comprises a principal amount of $1,000 unsecured redeemable convertible debenture and 2,941 common share purchase warrants. The debentures will bear interest at a rate of 10.0% per annum and mature thirty-six months from the date of issuance.
Proceeds from the offering will be used for the acquisition of the Huggy Assets as described in the company’s previous news release and for the ongoing optimization of the company’s oil and gas assets.
An insider of the company participated in the offering, purchasing 500 debentures and 1,470,500 warrants. The securities issued are subject to a statutory hold period that expires on December 22, 2024.
This press release may contain forward-looking information regarding the intended use of proceeds from the offering. While the company believes these statements are based on reasonable assumptions, actual results may differ due to various factors such as regulatory actions and market conditions. The company assumes no obligation to update forward-looking statements.
