Shareholders of Osborne and Chappel Goldfields (TSE) have approved the issuance of a US$1-million debenture to Zebrex Holdings, the largest shareholder of Osborne and Chappel (OCG).
Zebrex increased its interest in OCG to 29.7% on June 17, when it bought 1.5 million shares of the company at US10 cents per share.
The debenture will bear an interest rate of 2% above the prime rate on U.S. dollar loans offered by Barclays Bank, payable quarterly, and have a term of 30 months from the date of issue. It includes detachable warrants which may be exercised into 10 million common shares of the company at an exercise price of 10 cents per common share.
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