CMQ announces completion of previously announced private placement and extension of forbearance
05 6월 2012 - 1:09PM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ CALGARY, June 8, 2012 /CNW/ -
CMQ Resources Inc. ("CMQ") announced today that it has obtained the
conditional approval of the TSX Venture Exchange (the "Exchange")
for, and has completed, the private placement previously announced
on May 30, 2012 (the "Offering") of $2,500,000 principal amount of
secured convertible debentures to Matco Investments Ltd. ("Matco"),
CMQ's principal creditor and shareholder and a control person of
CMQ. The Offering resulted in the issuance of $2,500,000 principal
amount of convertible debentures (the "Debentures") secured against
all present and after acquired property of CMQ on similar terms to
CMQ's existing secured indebtedness owing to Matco. The
Debentures have a maturity date of June 8, 2014 and bear interest
at a rate equal to 9% per annum. The accrued principal and
interest amounts owing on the Debentures shall be convertible, at
Matco's election, into common shares of CMQ at a price equal to
$0.10 per common share. Matco was the only subscriber to the
Offering. Matco and related persons currently hold 22,094,141
common shares of CMQ, representing 49.99% of CMQ's outstanding
common shares and would hold 47,094,141 common shares of CMQ,
representing 68% of CMQ's outstanding common shares if the full
principal amount of the Debentures were to be converted. The
Debentures are subject to a hold period under applicable securities
laws which hold period expires on October 9, 2012. In connection
with completion of the Offering, and for no additional
consideration, Matco has agreed to forbear from enforcing its
rights and remedies against CMQ in respect of substantially all
amounts CMQ was indebted to Matco until February 20, 2013. The net
proceeds of the Offering will be used principally for working
capital purposes and to proceed with CMQ's drilling program. This
press release is not an offer to sell securities in the United
States. Securities may not be offered or sold in the United
States in the absence of registration or an exemption from
registration. The Exchange does not accept responsibility for the
adequacy or accuracy of this release. Forward-Looking Statements
This press release contains certain forward-looking statements and
forward-looking information (collectively referred to herein as
"forward-looking statements") within the meaning of Canadian
securities laws including with respect to the timing, completion of
and terms of the Offering. All statements other than
statements of historical fact are forward-looking statements.
Forward-looking statements typically contain statements with words
such as "anticipate", "believe", "plan", "continuous", "estimate",
"expect", "intend", "may", "will", "shall", "project", "would",
"should", or similar words suggesting future outcomes. Undue
reliance should not be placed on forward-looking statements, which
are inherently uncertain, are based on estimates and assumptions,
and are subject to known and unknown risks and uncertainties (both
general and specific) that contribute to the possibility that the
future events or circumstances contemplated by the forward-looking
statements will not occur. There can be no assurance that the
plans, intentions or expectations upon which forward-looking
statements are based will in fact be realized. Actual results will
differ, and the difference may be material and adverse to CMQ and
shareholders. Forward-looking statements are based on
management's current beliefs as well as assumptions made by, and
information currently available to, management. Though
management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be
incorrect. By their very nature, forward-looking statements involve
inherent risks and uncertainties, both general and specific, and
risks that forward-looking statements will not be achieved.
The forward-looking statements contained in this press release are
made as of the date hereof and CMQ does not undertake any
obligation to update publicly or to revise any of the included
forward-looking statements, except as required by applicable law.
The forward-looking statements contained herein are expressly
qualified by this cautionary statement. CMQ Resources Inc. CONTACT:
Ryan Jennings, Corporate Secretary, CMQ Resources Inc.,
Tel:(403)294-6496.
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