Tactical Resources Corp completed private placement of convertible debentures worth $500,000.

From GlobeNewswire: 2025-01-21 21:23:00

Tactical Resources Corp. has completed a private placement of unsecured convertible debentures worth $500,000 with third-party lenders. The debentures can be converted into units of the Company at a conversion price of $0.20 per unit. The debentures bear interest at 10% per annum and are subject to blocker provisions. The proceeds from the private placement will be used for general working capital and transaction expenses related to a business combination with Plum Acquisition Corp. III. The debentures and securities issued are not listed on any stock exchange and are subject to resale restrictions for four months.

The Peak Project, Tactical Resources’ flagship asset, focuses on acquiring rare earth elements-enriched tailings and stockpiled materials. The project is strategically located in Texas and has initial quarry operating permits in place. Plum Acquisition Corp. III, a special purpose acquisition company, is formed for business combinations with other companies. The Proposed Business Combination between Tactical Resources and Plum is expected to close in the first half of 2025, providing growth capital for future development initiatives. The combination will convert existing shares of Tactical Resources into a newly-formed public company.



Read more at GlobeNewswire: Tactical Resources Corp. Announces Closing of Debenture