NQ Exploration (CVE:NQE) reported late Tuesday that it has arrived at a settlement of its debt with Societe de developpement de la Baie-James (SDBJ), subject to TSX Venture Exchange approval.
NQ will issue 280,604 common shares at a price of $0.043 per share to Societe de developpement de la Baie-James, representing the $12,066 in interest due as of June 29 with regards to a $200,000 unsecured convertible debenture placement last December.
The debenture bears interest at the rate of 12 per cent per year, payable semi-annually either in cash or in shares.
The company wants to settle this interest in full through the issuance of these shares.
NQ Exploration is a mining exploration company with a portfolio of mining properties in the James Bay and Abitibi regions of Quebec.