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Tonogold Announces Receipt of Conversion Commitments Representing in Excess of 73 Percent of Its Outstanding Convertible Loan Notes

Tonogold Announces Receipt of Conversion Commitments Representing in Excess of 73 Percent of Its Outstanding Convertible Loan Notes

Tonogold宣佈收到轉換承諾,佔其未償還可轉換貸款票據的73%以上
Accesswire ·  2022/08/31 08:35

LA JOLLA, CA / ACCESSWIRE / August 31, 2022 / TONOGOLD RESOURCES, INC. (OTC PINK:TNGL) ("Tonogold" or "the Company"), a Company holding rights to acquire a substantial portion of the mineralized land within the Comstock Mining District, announces receipt of commitments for conversion to equity of over 73 percent of the aggregate principal of its outstanding convertible loan notes (CLNs).

加利福尼亞州拉霍拉/ACCESSWIRE/2022年8月31日/TONOGOLD RESOURCES,Inc.(場外粉紅代碼:TNGL)(“Tonogold”或“本公司”)是一家擁有收購Comstock礦區內大部分礦化土地的權利的公司,該公司宣佈收到了超過其未償還可轉換貸款票據(CLN)本金總額73%的轉換為股權的承諾。

William Hunter, Interim CEO said: "These conversion commitments are a strong show of support for our business plan from our investors and a recognition of the significant potential of the district. The commitments substantially reduce our debt load, which we consider a critical aspect of advancing our gold and silver assets. We believe that the substantial reduction of Tonogold's debt will facilitate the Company's access to the capital needed to expand its drilling and exploration program going forward."

臨時首席執行官威廉·亨特説:“這些轉換承諾是投資者對我們業務計劃的強烈支持,也是對該地區巨大潛力的認可。這些承諾大大減輕了我們的債務負擔,我們認為這是推進我們的黃金和白銀資產的一個關鍵方面。我們相信,Tonogold債務的大幅減少將促進公司獲得未來擴大其鑽探和勘探計劃所需的資本。”

Tonogold has obtained commitments from the holders of more than 73 percent in principal amount of its outstanding CLNs regarding the conversion of these notes, which are currently in default, into common stock of the Company. To incentivize conversion, the Company provided certain enhancements to holders who chose to convert. For the series CLN4 notes, principal and interest will be convertible into common shares at a price of $0.08 per share (reduced from the original conversion price of $0.18 per share and from the previously adjusted conversion price of $0.13 per share), and for series CLN3 notes, principal and interest will be convertible into common shares at a price of $0.045 per share (reduced from the original conversion price of $0.10 per share and from the previously adjusted conversion price of $0.07 per share). Existing warrants that were issued to holders of both the CLN3 and CLN4 notes, which expired on December 31, 2021, will be extended for 12 months from the date of conversion and the exercise price will be reduced from $0.25 to $0.16 per warrant. Additionally, any of the extended warrants can be exercised by the holder at a reduced price of $0.064 per share for a period of 30 days from the date of note conversion. All converting noteholders will receive 18% interest on the principal amount of their note from January 1, 2022 to the date of conversion. These enhanced terms will apply to all CLN holders who have previously provided conversion commitments and to all holders who enter into new conversion commitments hereafter. The obligation of these holders to convert their CLNs is subject to the following conditions: (i) the holder's receipt of a written disclosure document from the Company, which shall include audited financial statements for the year ended December 31, 2020; and (ii) the Company receiving either cash proceeds from issuances of common stock or convertible notes, or written commitments from investors to purchase common stock, which in aggregate will result in the Company's receipt of at least $8 million in gross proceeds following the issuance of such common stock and/or convertible securities and after giving effect to all issuances of common stock covered by such written commitments, assuming all conditions to such commitments have been met.

Tonogold已從持有其未償還CLN本金73%以上的持有者那裏獲得了將這些目前違約的票據轉換為公司普通股的承諾。為了鼓勵轉換,公司向選擇轉換的持有者提供了某些增強措施。對於CLN4系列票據,本金和利息將以每股0.08美元的價格轉換為普通股(從原始轉換價格每股0.18美元和先前調整後的每股0.13美元下調);對於CLN3系列債券,本金和利息將以每股0.045美元的價格轉換為普通股(低於原始轉換價格每股0.1美元和之前調整後的每股0.07美元轉換價格)。已發行予CLN3及CLN4債券持有人的現有認股權證於2021年12月31日到期,將由轉換日期起續期12個月,行使價將由每份認股權證0.25元減至0.16元。此外,任何延長的認股權證可由持有人以每股0.064美元的折扣價行使,為期30天,自票據轉換日期起計。所有轉換票據持有人將從2022年1月1日至轉換日期期間獲得票據本金的18%利息。這些增強條款將適用於所有先前已作出轉換承諾的CLN持有人,以及此後作出新的轉換承諾的所有持有人。這些持有人轉換其CLN的義務須符合以下條件:(I)持有人收到本公司的書面披露文件,其中應包括截至12月31日的年度經審計的財務報表, (Ii)本公司收到發行普通股或可轉換票據的現金收益,或投資者購買普通股的書面承諾,假設該等書面承諾的所有條件均已滿足,則在發行該等普通股及/或可轉換證券及落實該等書面承諾所涵蓋的所有普通股發行後,合共將導致本公司收到至少800萬美元的總收益。

The Company is in ongoing discussions with additional CLN holders in an effort to further increase the amount of conversion commitments and to reach a targeted commitment level of 80% in aggregate principal amount of the CLNs. Any further increases in the percentage of conversion commitments will be announced in the future as they become material.

本公司正與其他CLN持有人持續磋商,以進一步增加轉換承諾額,並達致CLN本金總額達80%的目標承諾水平。任何進一步提高轉換承諾百分比的情況將在今後成為實質性承諾時予以宣佈。

Forward-Looking Statements:

前瞻性陳述:

This press release and any related calls or discussions may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about Tonogold. Forward-looking statements are statements that are not historical facts. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements about matters such as: capital raising activities and negotiations; market conditions; future changes in exploration activities, production capacity, and operations; future exploration, production, operating, and overhead costs; production of feasibility studies, technical reports, or other findings related to estimated mineralization; operational and management restructuring activities; capital expenditures (by Tonogold or other parties) and their impact; investments, acquisitions, joint ventures, strategic alliances, business combinations, asset sales; consulting, operational, tax, financial and capital projects, and initiatives; contingencies; environmental compliance and changes in the regulatory environment; offerings, sales, equity dilution, and other actions regarding debt or equity securities; including a redemption of the debenture, and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, earnings, and growth. The words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential," and similar expressions identify forward-looking statements, but are not the exclusive means of doing so. These statements are based on assumptions and assessments made by Tonogold management in light of their experience and their perception of historical and current trends, current conditions, possible future developments, and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations, or warranties, and are subject to risks and uncertainties that could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Occurrence of such events or circumstances could have a material adverse effect on the business, financial condition, results of operations, cash flows, or the market price of Tonogold's securities. All subsequent written and oral forward-looking statements by or attributable to Tonogold or persons acting on their behalf are expressly qualified in their entirety by these factors. Tonogold does not undertake any obligation to publicly update or revise any forward-looking statement. Neither this press release nor any related calls or discussions constitutes an offer to sell or the solicitation of an offer to buy any other securities or Tonogold.

本新聞稿以及任何相關的電話會議或討論可能包括1995年《私人證券訴訟改革法》中有關Tonogold的前瞻性陳述。前瞻性陳述是指非歷史事實的陳述。除有關歷史事實的陳述外,所有陳述均為前瞻性陳述。前瞻性表述包括有關下列事項的表述:籌資活動和談判;市場狀況;勘探活動、產能和經營的未來變化;未來勘探、生產、運營和間接費用;編制與估計礦化有關的可行性研究、技術報告或其他調查結果;經營和管理重組活動;資本支出及其影響;投資、收購、合資企業、戰略聯盟、企業合併、資產出售;諮詢、運營、税務、財務和資本項目以及倡議;或有;環境合規和監管環境的變化;發行、銷售、股權稀釋和與債務或股權證券有關的其他行動;包括債券的贖回和未來的營運資本、成本、收入、商業機會、債務水平、現金流、利潤率、收益和增長。“相信”、“預期”、“預期”、“估計”、“項目”、“計劃”、“應該”、“打算”、“可能”、“將會”、“將會”、“可能”以及類似的表達方式都是前瞻性陳述的標識,但不是唯一的表達方式。這些陳述是基於Tonogold管理層根據他們的經驗以及他們對歷史和當前趨勢、當前狀況、未來可能的發展以及他們認為合適的其他因素的看法而作出的假設和評估。前瞻性陳述不是保證、陳述, 這些前瞻性表述可能會導致實際結果、發展和業務決策與前瞻性表述中預期的大不相同。此類事件或情況的發生可能會對Tonogold證券的業務、財務狀況、經營結果、現金流或市場價格產生重大不利影響。Tonogold或代表他們行事的人隨後發表的或可歸因於Tonogold或代表他們行事的人的所有書面和口頭前瞻性陳述都明確地完整地受到這些因素的限制。Tonogold不承擔公開更新或修改任何前瞻性陳述的任何義務。本新聞稿或任何相關的電話會議或討論均不構成出售要約或徵求購買任何其他證券或Tonogold的要約。

Contact Information for Tonogold:

Tonogold的聯繫信息:

William Hunter
Interim CEO
T: +858-456-1273
bhunter@tonogold.com

威廉·亨特
臨時首席執行官
T: +858-456-1273
郵箱:bHunter@tonogold.com

SOURCE: Tonogold Resources, Inc.

資料來源:託諾戈德資源公司


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