Mukuba announces terms of offering of convertible debentures
18 4월 2012 - 6:00AM
PR Newswire (Canada)
TORONTO, April 17, 2012 /CNW/ - Mukuba Resources Limited is pleased
to announce the terms of an offering (the "Offering") for gross
proceeds to the company of $398,700. The Company is issuing 443,000
principal amount of subordinated unsecured convertible debentures
(the "Debentures") of Mukuba on a private placement basis. The
Debentures will be issued in denominations of $1,000 par value and
at an issue price of $900 per $1,000 Debenture. The Debentures will
mature twelve (12) months after the date of issuance (the "Maturity
Date") and will bear interest at an annual rate of 10% payable at
the Maturity Date. Each $1,000 principal amount of Debentures will
be convertible into (i) 9,090 Common Shares (representing a
conversion rate of approximately $0.11 per share) and (ii) 454
warrants to purchase Common Shares ("Purchase Warrants"). Each
Purchase Warrant will entitle the holder to purchase one common
share of Mukuba at $0.11 per common share until and including 5:00
p.m. (Eastern Standard Time) on October 18, 2014. Completion of the
Offering will be subject to several conditions including the
receipt of all necessary approvals, including the approval of the
TSX Venture Exchange . Mukuba has applied to list the common shares
issuable upon the conversion, redemption or maturity of the
Debentures and the exercise of the Purchase Warrants. The listing
will be subject to fulfilling the requirements of the TSX-V. Kelly
Ehler is a director of an affiliate of one of the purchasers of
Debentures pursuant to the Offering. Accordingly, pursuant to the
rules of the TSX-V, such purchaser is a non-arm's length party to
the Offering. About the Company Mukuba is a Canadian mining company
focused on the exploration and development of certain African base
metal assets alone and through a joint venture partner. These
assets include a 100% interest in the Northcore Project, which is
licensed for both copper and cobalt and encompasses approximately
2,274 square km of geologically prospective ground in the Central
African Copperbelt region of Zambia. Mukuba is also a party to a
joint venture with Benzu Resources Limited to explore and develop a
copper and base metals project in the Democratic Republic of the
Congo. In addition, Mukuba holds an exclusive option to purchase an
85% interest in the Nyimba Project, a pollymetallic exploration
project, located near the town of Nyimba, approximately 300 km east
of Lusaka, Zambia. Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release. Forward-looking Information Securities
regulators encourage companies to disclose forward-looking
information to help investors understand a company's future
prospects. The statements that are concerning the Offering are
forward-looking statements. The words "believe", "expect",
"anticipate", "estimate", "intend", "may", "will", "would" and
similar expressions and the negative of such expressions are
intended to identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements are subject to important assumptions,
including the following specific assumptions: receipt of all
necessary approvals and general market conditions at the time of
the Offering. While Mukuba considers these factors and assumptions
to be reasonable based on information currently available, they may
prove to be incorrect. Known and unknown factors could cause actual
results to differ materially from those projected in the
forward-looking statements. Such factors include, but are not
limited to: failure to receive necessary approvals and negative
general market conditions. The Offering may not be completed or may
not be completed on the same terms as previously announced. You
should not place undue reliance on forward-looking statements. As a
general policy, we do not update forward-looking statements except
as required by securities laws and regulations. Mukuba Resources
Limited CONTACT: Kelly Ehler, interim President and Chief Executive
OfficerTel: +1 (416) 368 4013; Fax: 416 603 9200;Email:
info@mukubaresources.com
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