James Bay Resources Limited announced that it expects to receive CAD 1.85 million in funding.
Each unsecured convertible debenture is convertible in whole or in part, at an option of the holder into common shares at fixed conversion price of CAD 0.17 per share. The interest payable may also be converted into common shares at a market price at the date of any such conversion, at the option of holders. Any conversion of unsecured convertible debentures and interest accrued on unsecured convertible debentures into common shares will be subject to all required approvals by the company. The unsecured convertible debentures may be prepaid by the company at any time without penalty, on at least 15 days notice to the holders. The company expects to close the transaction over a series of tranches, with the final tranche to close on or before May 31, 2015.