Big North Graphite Corp. (TSXV:NRT) announced a non-brokered private placement consisting of up to $250,000 unsecured convertible notes which will have a 12-month term and will be convertible into units of the Company at $0.05 per Unit.
As quoted in the press release:
Each Unit will consist of one common share in the capital of the Company (the “Shares”) and one transferable common share purchase warrant (the “Warrant”). Each Warrant is exercisable to acquire an additional Share at $0.05 for a period of one year from the date of closing of the Offering. The Notes will bear interest at 10% per annum, calculated and paid semi-annually.