Big North Graphite Corp. (TSXV:NRT) closed a non-brokered private placement of $250,000 aggregate principal amount of unsecured convertible notes. The Notes mature on January 9, 2015 and are convertible into units of the Company at a price of $0.05 per unit.
As quoted in the press release:
Each Unit consists of one common share in the capital of the Company (the “Shares”) and one common share purchase warrant (the “Warrants”). Each Warrant is exercisable to acquire an additional Share at $0.05 until January 9, 2015. The Notes bear interest at 10% per annum, calculated and paid semi-annually.