Mr. Edward Kelly reports
INCA ONE COMPLETES CONVERTIBLE DEBENTURE FINANCING
Inca One Resources Corp. has completed its previously announced convertible debenture offering to raise gross proceeds of $275,000.
The debentures bear interest at a rate of 10 per cent per annum, calculated and paid quarterly in arrears. During the first year of the term of the debentures, 20 per cent of the principal may, at the option of the holder, be converted into common shares of the company at a price of 10 cents per common share. In addition, the holder will have the option to receive common shares of the company, to be issued at a deemed price of 10 cents per common share, in lieu of cash as payment for interest payable during the first year of the debentures. All common shares issued on conversion of the debentures will be subject to a statutory hold period of four months and one day.
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