Avala Resources Limited: Completes Second Tranche of Convertible Debenture Private Placement
![Avala Resources Limited: Completes Second Tranche of Convertible Debenture Private Placement](https://www.minenportal.de/media/goldseiten-news.jpg)
The convertible debentures, issued under a debenture purchase agreement, can be converted, at the option of DPM, into common shares of Avala at any time up to 180 days after the maturity of the debentures at a conversion price equal to the greater of (i) C$0.04 per common share, as that price may be adjusted from time to time upon a corporate reorganization such as a share consolidation (see July 28, 2014 press release) and (ii) C$0.05 per common share.
The debentures sold under the private placement are being issued in reliance upon a prospectus exemption. The debentures and the underlying securities, as applicable, will be subject to a statutory hold period of four months and one day from the dates of issuance, in accordance with applicable securities legislation.
About Avala Resources Ltd.
Avala Resources is a mineral exploration company focused on the exploration and development of the Timok Gold Project in Serbia. Avala has recently entered into an arrangement agreement to acquire Dunav Resources Ltd. which will be submitted to the shareholders for approval on September 30, 2014.
Additional information about Avala and its projects is available on SEDAR (www.sedar.com) and on the website of Avala (www.avalaresources.com).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Contact
Avala Resources Ltd.
James Crombie, President and Chief Executive Officer
+1.450.640.0810
info@avalaresources.com