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Message: Closes $600,000 Debenture Financing
| February 19, 2009 |
| TNR Gold Corp. Closes $600,000 Debenture Financing |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 19, 2009) - TNR Gold Corp. (TSX VENTURE:TNR) confirms that the debenture offering previously detailed in Stockwatch on January 20th, 2009, has closed. The debentures have a term of one year and bear interest, payable quarterly, at 9 per cent per year, compounded semi-annually (9.2 per cent per year). The debentures are convertible by the holders at any time during the term into units at five cents per unit. Each unit comprises one common share and one warrant to purchase an additional common share at 10 cents for a period of two years. Quarterly interest payments may also be made in units, at the election of the holder. The debentures will be secured by a general security agreement, with the holders having the right to roll the debentures into any other debt or equity financing carried out by the company during the term, subject to TSX Venture Exchange rules. The company's major shareholder and director, Kirill Klip, who currently owns 18.4 per cent of TNR Gold's outstanding issued shares, is showing his continuous support by participating in the current offering. The debentures were placed using accredited investor prospectus exemptions in Canadian provinces and in certain offshore jurisdictions. The proceeds of the debenture financing will allow the company to explore new opportunities created by the recent economical crisis and advance its current portfolio of properties. The debenture financing has received conditional TSX Venture Exchange approval. ABOUT TNR TNR is a base and precious metals exploration company focused on aggressively identifying new prospective projects as well as fostering work on its large portfolio of 15 properties in Argentina, as well as overseeing the exploration and development of the Iliamna and Shotgun projects in Alaska through its wholly owned US subsidiary. On behalf of the board, Gary Schellenberg, President |
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