James Bay Resources Limited Announces Offering of up to CDN$500,000 of Convertible Debentures
James Bay Resources Limited Announces Offering of up to CDN$500,000 of Convertible Debentures
Toronto, Ontario--(Newsfile Corp. - December 1, 2023) - James Bay Resources Limited (CSE: JBR) ("James Bay" or the "Company") announced a non-brokered private placement (the "Offering") of unsecured convertible debentures in the aggregate principal amount of up to CDN$500,000 (the "Debentures") The Offering is expected to close over a series of tranches, with the final tranche to close on or before January 31, 2024. Net proceeds from the Offering will be used to fund the Company's working capital needs, including in particular its ongoing litigation in California relating to secured loans made by the Company to CB Holdings in 2018 and 2019, and related litigation in Nevada (the "Litigation").
安大略省多倫多--（新聞文件公司-2023 年 12 月 1 日）- 詹姆斯灣資源有限公司 （案例：JBR) (”詹姆斯灣“或者”公司“) 宣佈了非經紀私募配售（the”提供“) 本金總額不超過500,000加元的無抵押可轉換債券（即”債券“) 本次發行預計將完成一系列階段，最後一批將於2024年1月31日當天或之前完成。本次發行的淨收益將用於爲公司的營運資金需求提供資金，特別包括該公司在2018年和2019年向CB Holdings提供的擔保貸款在加利福尼亞州正在進行的訴訟，以及內華達州的相關訴訟（“訴訟“)。
Each Debenture shall bear interest at a rate of 15%, payable semi-annually, and have a maturity date that is three years following the date the Debenture is issued (the "Maturity Date"). However, if the Litigation is settled or is subject to a final decision with funds received by the Company prior to the Maturity Date, the purchasers of Debentures (the "Holders") will have a right to demand payment in full of all amounts owing. In the event that the Company would be left with less than $250,000 dollars in free cash upon such a demand occurring, the amount payable to each Holder shall be reduced pro-rata to ensure that the Company retains $250,000 in free cash.
每張債券的利率爲15％，每半年支付一次，到期日爲債券發行之日起三年（即到期日“)。但是，如果訴訟已通過公司在到期日之前收到的資金達成和解或有最終裁決的約束，則債券的購買者（“持有者“) 將有權要求全額支付所有欠款。如果出現此類需求，公司剩餘的自由現金少於25萬美元，則應按比例減少應付給每位持有人的金額，以確保公司保留25萬美元的自由現金。
The Debentures shall be convertible, in whole or in part, at the option of the Holders, into common shares of the Company (each a "Common Share") at a conversion price of C$0.05 per Common Share (the "Conversion Rate"). Interest may also be converted into Common Shares at the market price at the date of any such conversion, at the option of the Holders. Any conversion of Debentures and interest accrued on the Debentures into Common Shares of the Company will be subject to receipt of all required approvals by the Company. The Debentures may be prepaid by the Company at any time, without penalty, on at least 15 days' notice to the Holders.
債券可由持有人選擇全部或部分轉換爲公司的普通股（每股”普通股“) 轉換價格爲每股普通股0.05加元（即”轉換率“)。利息也可以按任何此類轉換當日的市場價格轉換爲普通股，由持有人選擇。將債券和債券的應計利息轉換爲公司普通股的任何行爲都必須獲得公司的所有必要批准。公司可以在向持有人發出至少15天的通知後隨時預付債券，不收取罰款。
The Company will also concurrently sell and assign, pursuant to separate agreements with each Holder, a pro rata (based on all the Holders) entitlement for up to an aggregate of 30% of the net proceeds of the Litigation, if any (whether as a result of final judgement by a court of competent jurisdiction or settlement for which no appeal or further proceeding may be taken (the "Final Award")), after deduction of all related costs and taxes incurred by the Company in the Litigation (the "Net Final Amount"), for the initial $1 Million of Net Final Amount and 20% of any Net Final Amount above $1,000,000, payable to the Purchasers within 60 days from the receipt of the Final Award, if any. In the event the Company prepays the Debentures in full prior to that date which is one year from the date of issue and prior to date of the Final Award, then the amount payable to the Holders under the agreement will be adjusted to reflect an aggregate entitlement of 15%.
公司還將根據與每位持有人的單獨協議，同時出售和轉讓按比例（基於所有持有人）的權利，總額爲訴訟淨收益的30％（無論是由於具有司法管轄權的法院的最終判決還是不可提起上訴或進一步訴訟的和解的結果）（“最終獎項“)），在扣除公司在訴訟中產生的所有相關成本和稅款後（即”最終淨金額“），對於初始100萬美元的最終淨金額和超過1,000,000美元的任何最終淨金額的20％，應在收到最終獎勵後的60天內支付給買方（如果有）。如果公司在該日期（自發行之日起一年）和最終裁決之日之前全額預付債券，則將調整協議下應付給持有人的金額，以反映15％的總應享權利。
Mr. Stephen Shefsky, President, Chief Executive Officer and Chairman of the Company, expects to purchase CDN$50,000 of Debentures in the first tranche of the Offering. Mr. Shefsky will also enter into a separate agreement of purchase and sale entitling him to a pro rata share of the Net Final Amount of any Litigation, as described above. The Offering was considered and approved by the board of directors of the Company, with Mr. Shefsky declaring a conflict and recusing himself from voting on the Offering. There was no materially contrary view or abstention by any director approving the Offering. Mr. Shefsky currently owns or controls, directly and indirectly, an aggregate of 19,303,400 Common Shares. Assuming the conversion into Common Shares of the full principal amount of the Debentures will be purchased by Mr. Shefsky in the Offering, Mr. Shefsky will beneficially own or control, directly and indirectly, an aggregate of 20,303,400 Common Shares, or 25% of the issued and outstanding Common Shares on a partially-diluted basis.
公司總裁、首席執行官兼董事長斯蒂芬·謝夫斯基先生預計將在本次發行的第一批中購買5萬加元的債券。如上所述，謝夫斯基先生還將簽訂單獨的買入和銷售協議，使他有權按比例獲得任何訴訟最終淨金額的份額。本次發行由公司董事會審議和批准，謝夫斯基宣佈存在衝突，並回避對本次發行的投票。批准本次發行的任何董事均未持有實質相反的觀點或棄權票。謝夫斯基先生目前直接或間接擁有或控制總計19,303,400股普通股。假設謝夫斯基先生將在本次發行中將債券的全部本金轉換爲普通股，則謝夫斯基先生將直接或間接地以實益方式擁有或控制總計20,303,400股普通股，佔已發行和流通普通股的25％，按部分攤薄計算佔已發行和流通普通股的25％。
Pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"), the issuance of Debentures to Mr. Shefsky will be a "related party transaction". The Company will be exempt from the requirements to obtain a formal valuation or minority shareholder approval in connection with the Offering in reliance on sections 5.5(b) and 5.7(b), respectively, of MI 61-101, as the Company is not listed on a stock exchange specified in section 5.5(b) of MI 61-101 and the fair market value of the Debentures that may be purchased by Mr. Shefsky, nor the proceeds of the Offering to be received by the Company in respect of Mr. Shefsky's participation in the Offering, exceeds CDN$2.5 million. The material change report in respect of the Offering is being filed less than 21 days before the closing of the Offering as the Company requires the net proceeds from the Offering immediately in order to fund its working capital needs, including the Litigation.
根據61-101號多邊文書 在特殊交易中保護少數證券持有人 (”MI 61-101“），向謝夫斯基先生髮行債券將是 “關聯方交易”。由於公司未在MI 61-101第5.5 (b) 節規定的證券交易所上市，也沒有謝夫斯基先生可能購買的債券的公允市場價值，因此公司將不受分別根據MI 61-101第5.5 (b) 條就本次發行獲得正式估值或少數股東批准的要求的約束公司因謝夫斯基先生參與本次發行而獲得的收益超過250萬加元。本次發行的重大變更報告是在本次發行結束前不到21天提交的，因爲公司要求立即從本次發行中獲得淨收益，以便爲包括訴訟在內的營運資金需求提供資金。
The securities offered will not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
所發行的證券不會根據經修訂的1933年《美國證券法》進行註冊，除非註冊或註冊要求豁免，否則不得在美國發行或出售。本新聞稿不應構成出售要約或招攬買入要約，也不得在任何將此類要約、招標或出售爲非法的州出售證券。
About James Bay Resources Limited
關於詹姆斯灣資源有限公司
James Bay is a Canadian resource company with 81,076,241 shares outstanding and trades on the Canadian Securities Exchange under the symbol "JBR". Please visit the James Bay website at .
James Bay是一家加拿大資源公司，擁有81,076,241股已發行股票，在加拿大證券交易所上市，股票代碼爲 “JBR”。請訪問詹姆斯灣網站，網址爲。
Disclaimer
免責聲明
This news release includes certain statements that may be deemed "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the Corporation's operations, exploration and development plans, expansion plans, estimates, expectations, forecasts, objectives, predictions and projections of the future. Generally, these forward-looking statements can be identified by the forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "projects", "intends", "anticipates", or "does not anticipate", or "believes", or "variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might", or "will" be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of James Bay Resources Limited to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the Company's proposed Offering and the change of business and the oil and gas industry in Nigeria generally, risks related to operations, construction delays and cost overruns, the actual results of exploration, development and construction activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future copper prices, as well as those factors discussed in the sections relating to risk factors of our business filed in James Bay Resources Limited's required securities filings on SEDAR. Although James Bay Resources Limited has attempted to identify important factors that could cause results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended.
本新聞稿包括根據1995年《美國私人證券訴訟改革法》和適用的加拿大證券立法可能被視爲 “前瞻性陳述” 的某些陳述。前瞻性陳述包括但不限於與公司的運營、勘探和開發計劃、擴張計劃、估計、預期、預測、目標、預測和未來預測有關的陳述。通常，這些前瞻性陳述可以通過前瞻性術語來識別，例如 “計劃”、“預期” 或 “不期望”、“預期”、“預期”、“估計”、“項目”、“打算”、“預期” 或 “未預期”，或 “相信”，或 “此類詞語和短語的變體，或聲明某些行動、事件或結果 “可能”、“可以”、“會”、“可能” 或 “將” 採取”、“發生” 或 “實現”。前瞻性陳述受已知和未知的風險、不確定性和其他因素的影響，這些因素可能導致詹姆斯灣資源有限公司的實際業績、活動水平、業績或成就與此類前瞻性陳述所表達或暗示的結果存在重大差異，包括但不限於：與公司擬議發行以及尼日利亞總體業務和石油和天然氣行業變更相關的風險，與運營、施工延誤和成本超支相關的風險，勘探的實際結果，開發和建設活動、經濟評估的結論、計劃不斷完善後項目參數的變化、未來的銅價，以及詹姆斯灣資源有限公司在SEDAR的必要證券文件中提交的與我們的業務風險因素有關的章節中討論的因素。儘管James Bay Resources Limited試圖確定可能導致業績與前瞻性陳述中包含的結果存在重大差異的重要因素，但可能還有其他因素導致結果與預期、描述、估計、評估或預期的結果存在重大差異。
There can be no assurance that any forward-looking statements will prove accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. James Bay Resources Limited does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
無法保證任何前瞻性陳述都會被證明是準確的，因爲實際結果和未來事件可能與此類陳述中的預期存在重大差異。因此，讀者不應過分依賴前瞻性陳述。除非符合適用的證券法，否則James Bay Resources Limited不承諾更新此處以引用方式納入的任何前瞻性陳述。
For further information please contact:
欲了解更多信息，請聯繫：
Stephen Shefsky
President and CEO
Tel: 416-366-4200
sshefsky@jamesbayresources.com
斯蒂芬·謝夫斯基
總裁兼首席執行官
電話：416-366-4200
sshefsky@jamesbayresources.com
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this news release.
加拿大證券交易所對本新聞稿的充分性或準確性不承擔任何責任。
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
不得分發給美國新聞通訊社或在美國傳播
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要查看本新聞稿的源版本，請訪問
譯文內容由第三人軟體翻譯。