Regal Resources Inc. announced that it will issue secured convertible debentures for gross proceeds of CAD 3,500,000 on January 24, 2022. The debentures will mature after two years from the closing date. The debentures will bear an interest rate of 12% per annum payable annually or, at the election of the company, in common shares at deemed value of CAD 0.10 per share.

The debentures will be convertible into units at a price of CAD 0.10 per unit. Each unit consists of one common share and one half of one share purchase warrant. Each whole warrant will be exercisable by the holder thereof to acquire an additional share at an exercise price of CAD 0.20 for a period of two years after closing.

As part of the transaction, Greg Thomas has joined as Chief Executive Officer, President and a director of the company.