IsoEnergy Ltd. (“IsoEnergy” or the “Company”) (TSXV: ISO; OTCQX: ISENF) has agreed to settle a portion of the interest payment due to Queen’s Road Capital Investment Ltd. (“QRC”) (TSXV: QRC) as at June 30, 2021. Pursuant to the unsecured convertible debenture dated August 18, 2020 between QRC and the Company (the “Debenture”), as at June 30, 2021, the Company will owe QRC interest in the amount of US$255,000 of which US$75,000 will be settled with the issuance of 31,120 common shares of the Company (“Shares”), at a deemed price of US$2.41.
Under the terms of the Debenture, the portion of the interest payable to QRC equal to 2.5% per annum is payable in Shares at a price per Share equal to the volume-weighted average trading price per Share on the TSX Venture Exchange (“TSXV”) for the twenty consecutive trading days ending 3 trading days prior to the date such interest is due. The portion of the interest payable to QRC equal to 6.0% per annum is payable in cash. The issuance of the Shares to QRC is subject to TSXV acceptance.
IsoEnergy is a well-funded uranium exploration and development company with a portfolio of prospective projects in the eastern Athabasca Basin in Saskatchewan, Canada. The Company recently discovered the high-grade Hurricane Zone of uranium mineralization on its 100% owned Larocque East property in the Eastern Athabasca Basin. IsoEnergy is led by a Board and Management team with a track record of success in uranium exploration, development and operations. The Company was founded and is supported by the team at its major shareholder, NexGen Energy Ltd.