Equity Metals Corp
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Materials : Metals & Mining | Small Cap Value
Based in Canada
Company profile

Equity Metals Corp, formerly New Nadina Explorations Ltd, is an exploration-stage company engaged in the acquisition and exploration of exploration and evaluation assets in Canada. The Company is principally engaged in the acquisition, exploration and development of mineral and diamond properties in British Columbia, Saskatchewan, Northwest Territories and Nunavut. The Company's projects include Silver Queen Property-Central British Columbia and Monument Diamond Property-Lac de Gras, Northwest Territories. The Company owns interest in approximately 20 crown-granted and over 40 tenure claims covering approximately 18,850 hectares in the Omineca Mining Division, near Owen Lake, British Columbia. The Company owns interest in certain mineral leases in the Mackenzie District Mining Division, Northwest Territories. The Monument Diamond Property contains over 10 proven diamond bearing kimberlites. It owns Saskatchewan Silica Sand Lease, which covers an area of over 50 acres.

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GrandSouth Bancorporation Announces Completion of $18 Million Subordinated Notes Offering

12:48 pm ET November 16, 2020 (PR Newswire) Print

GrandSouth Bancorporation (GRRB:OTCQX), the holding company for GrandSouth Bank ("Bank"), announced that on November 13, 2020 it completed a private placement of $18.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due November 2030.

The unsecured notes initially bear interest at a fixed rate of 4.375% per annum, payable semi-annually in arrears on each May 15 and November 15 commencing May 15, 2021 until November 15, 2025. From November 15, 2025 through November 15, 2030 (or up to an earlier redemption date), the interest rate shall reset quarterly to an interest rate per annum equal to Three-Month Term SOFR (or the applicable successor or substitute base rate) plus 416 basis points, payable quarterly in arrears. The notes are redeemable, in whole or in part, on November 15, 2025, on any interest payment date thereafter, and at any time upon the occurrence of certain events. GrandSouth Bancorporation intends to use proceeds from the private placement for general corporate purposes, to include enhancing the Bank's capital ratios and supporting growth of the franchise, and potential future strategic opportunities.

Performance Trust Capital Partners, LLC served as sole placement agent for the private offering, and Nelson Mullins Riley & Scarborough LLP served as GrandSouth Bancorporation's legal counsel. Wyrick Robbins Yates & Ponton LLP provided legal counsel to the placement agent in connection with the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The notes offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.

About GrandSouth Bancorporation

GrandSouth Bancorporation, the parent company of GrandSouth Bank, was founded in 1998 as a commercial bank. Since then it has grown into seven locations and offers a full array of commercial banking services for individuals and small businesses. The bank has over $1 billion in assets as of September 30, 2020, including over $839 million in gross loans.

Website: www.grandsouth.com


View original content:http://www.prnewswire.com/news-releases/grandsouth-bancorporation-announces-completion-of-18-million-subordinated-notes-offering-301173843.html

SOURCE GrandSouth Bancorporation


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