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CROPS plans C$6M debenture placement to repay debt

CROPS Inc., formerly Focus Ventures Ltd., said May 22 that it plans to raise up to C$6 million from a convertible debenture financing to settle its debt.

The debentures will bear interest at an annual rate of 8%, payable quarterly, and will have a term of three years. They will be convertible into company shares at 8 cents apiece for a maximum of 75 million shares if converted in the first year, or at a rate of 10 cents each for a maximum of 60 million shares if converted in the second or third years.

CROPS will also issue warrants entitling the debenture holders to buy up to 37.5 million shares, exercisable at 8 cents per share for up to three years.

Proceeds from the financing will be used to repay a US$3 million loan owed to Sprott Resource Lending Partnership and for general working capital.

CROPS is focused on developing its majority-owned Bayovar 12 phosphate project in Peru.