St. Augustine Gold and Copper Limited has announced the successful completion of its agreement with co-venture partner Nationwide Development Corporation (Nadecor) to restructure ownership interests in the Kingking Copper Gold Project in the Philippines. The company has issued a convertible note to Nadecor valued at $9,120,500, which can be converted into 185 million shares of St. Augustine at a price of $0.0493 per share. In exchange, St. Augustine has acquired all outstanding shares of Kingking Milling Corporation, a subsidiary of Nadecor that holds the development rights to the project. This move aims to optimize St. Augustine's economic interests in the project and facilitate potential project financing.
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