Gold Mountain Mining Corp. (TSE:GMTN) has released an update.
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Gold Mountain Mining Corp. has agreed to settle its $6.5 million debt with Nhwelmen Construction through a combination of shares and a convertible debenture. The deal includes issuing 50 million shares at $0.03 each to cover $1.5 million of the debt and a $5 million convertible debenture with an interest rate of 12% per annum, which can be converted into additional shares. The company is also negotiating with unsecured vendors to convert a further $1.7 million of debt into shares at the same discounted price.
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