Lake Victoria Gold Ltd. announced a non-brokered private placement of unsecured subordinate convertible debentures for gross proceeds of up to CAD 750,000 on July 15, 2024. Each debenture will bear interest at 12% per annum payable quarterly, which interest, may at the option of the company be settled in cash or in common shares of the company subject to the approval of the TSX Venture Exchange. Each debenture will mature 24 months from the date of issuance.

The outstanding principal amount of each debenture is convertible, at the option of the holder, at any time prior to the maturity date, into common shares of the company at a conversion price of CAD 0.18 per share. The debentures will be subject to a forced conversion provision whereby the company may, in its sole discretion, convert the outstanding principal amount of the debentures into units at the conversion price if, at any time after the first year following the date of issuance of the debentures and prior to the maturity date, the shares trade at a closing price above CAD 0.275 for a period of 20 consecutive trading days on the exchange. The debentures and, if issued within four months from the date of issue of the debentures, the shares and warrants will be subject to a hold period expiring four months and one day following the date of issue of the debentures in accordance with applicable Canadian securities laws.

The private placement is subject to the approval of the exchange.