Friday, May 01, 2009

TNR Gold Corp. Arranges Debenture Debt Settlement. TNR.v, MAI.v,, SQM, CDNX, HUI, XAU, FXI, WLC.v, CLQ.v

TNR Gold has cleared now debts from last MD&A in 2008. Creditors do not mind to take shares at these levels after recent run: Company has cleared balance sheet and preserved cash - let's hope for Lithium acquisitions, where shareholders will benefit most.
We think they do not mind to jump on International Lithium Corp. spin out as well. Very interesting combination of shareholders in TNR Gold suggests very good connections in the industry. According to presentation float is very tightly held by insiders, management and among the shareholders are: Barrick Gold, Nova Gold, Solitario, RAB Capital and Tocqueville Fund . List looks like "who is who" in this business, is it the best kept secret so far? We hope that we will find out shortly why all these guys are sitting there.

TNR Gold Corp. Arranges Debenture Debt Settlement
On Friday May 1, 2009, 12:41 pm EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 1, 2009) - TNR Gold Corp. (TSX VENTURE:TNR - News; "TNR" or the "Company") announces that, subject to regulatory approval, it has arranged a settlement of $420,000 of debt through the issuance of a Convertible Secured Debenture (the "Settlement"). The debenture has a term of one year and bears interest, payable quarterly, at 9% per annum, compounded semi-annually (9.2% p/a). The debenture is convertible by its holder at any time during the term into units (the "Units") at $0.105 per Unit. Each Unit is comprised of one common share. Quarterly interest payments may also be made in Units, at the election of the holder. The debenture will be secured by a general security agreement, and its holder has the right to roll its debenture into any other debt or equity financing carried out by the Company during the term.
Completion of the Settlement is subject to the receipt of all required regulatory approvals.
TNR is a diversified metals exploration company focused on identifying new prospective projects globally with 22 properties currently in its portfolio.
In anticipation of the surging international lithium demand in various high tech and efficient energy applications, TNR has actively pursued an aggressive global acquisition strategy for Lithium and Rare Metals projects of merit. This further confirms the company's commitment to project generation, market diversity, and building shareholder value.
On behalf of the board,
Gary Schellenberg, President
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