Mega Precious Metals Announces Completion of First Tranche of Pacific Road Financing & to Host a Conference Call January 7, 2...
31 Dicembre 2013 - 10:51PM
Marketwired
Mega Precious Metals Announces Completion of First Tranche of
Pacific Road Financing & to Host a Conference Call January 7,
2014
THUNDER BAY, ONTARIO--(Marketwired - Dec 31, 2013) - Mega
Precious Metals (TSX-VENTURE:MGP) ("Mega" or the "Company") is
pleased to announce that it has completed the first tranche of the
previously announced financing (the "Tranche 1 Financing") with
Pacific Road Resources Funds ("Pacific Road") whereby Pacific Road
has invested in US$3,330,398 aggregate principal amount of
unsecured zero coupon convertible notes (the "Tranche 1 Convertible
Notes"), which are convertible into Mega common shares ("Common
Shares") at a conversion price of C$0.1122 per Common Share,
pursuant to an agreement (the "Definitive Agreement") dated
December 4, 2013 between Pacific Road and the Company. The amount
of the investment was increased as a result of the completion of
the Company's private placement which closed on December 20,
2013.
Gross proceeds from the Tranche 1 Financing will be used to fund
exploration and development on Mega's Monument Bay Project.
Pacific Road has the right to invest three additional tranches
for a total investment of up to US$40 million, which are
exercisable by Pacific Road following the satisfaction of certain
deliverables by the Company regarding its Monument Bay Project. The
cumulative funding from Pacific Road, should each tranche be
exercised, will allow the Company to fully fund the technical
studies required to advance the Monument Bay Project to
feasibility, including a preliminary economic assessment (expected
to be completed in 2014) and a pre-feasibility study thereafter.
For further details, please refer to the Company's press release
dated December 4, 2013 and a copy of the Definitive Agreement, each
of which is accessible on the Company's SEDAR profile at
www.sedar.com.
As consideration for its services as the Company's financial
advisor, Paradigm Capital Inc. received a commission equal to 3% of
the aggregate gross proceeds of the Tranche 1 Financing. Pacific
Road Capital Management also received a fee equal to 3% of the
aggregate gross proceeds of the Tranche 1 Financing.
The Tranche 1 Convertible Notes are subject to a four-month hold
period under applicable securities laws in Canada.
Mega will be hosting a conference call on Tuesday January 7th at
11 am ET to discuss the recently completed financing agreement for
up to US$40Million with Pacific Roads Resources Funds and the
completion of the $1.4Million best efforts flow through
financing.
The call will be hosted by Glen Kuntz, President, Chief
Executive Officer & Director.
Conference Call
Details:
Tuesday January 7, 2014 at 11:00am EST
Toll-Free: (866) 261-6767
Local: (416) 850-2050
Passcode: 2904885#
Mega Precious Metals Inc. is a leading Canadian-based
exploration company with a high quality pipeline of projects
located in the mining friendly jurisdictions of Northwestern
Ontario, Manitoba and Nunavut. The Company's significant portfolio
includes the flagship Monument Bay Gold Tungsten Project in NE
Manitoba as well as the N. Madsen Gold Project in the prolific gold
mining district of Red Lake, Ontario. Mega has established a record
of delivering rapid growth through their focused and low cost
approach to exploration and resource development. The Company's
common shares trade on the TSX Venture Exchange under the symbol
MGP.
For further information and presentation material, please review
the Mega website at www.megapmi.com.
Forward-looking Statements
Certain statements in this press release contain information
that may constitute forward-looking information under applicable
Canadian securities legislation, including but not limited to,
information relating to the full funding of technical studies and
the use of net proceeds. These forward-looking statements represent
management's best judgment based on current facts and assumptions
that management considers reasonable. The Company makes no
representation that reasonable business people in possession of the
same information would reach the same conclusions. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. These risks
and uncertainties include, but are not limited to, the strength of
the global economy, fluctuations in the price of gold and
operational, funding and liquidity risks. Readers should not place
undue reliance on forward-looking statements. More information
about risks and uncertainties affecting the Company and its
business is available in the Company's filings which are posted on
sedar at www.sedar.com. The Company does not intend, and
does not assume any obligation, to update these forward-looking
statements or to update the reasons why actual results could differ
from such information unless required by law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Mega Precious Metals Inc.Glen Kuntz, P.Geo.President, Chief
Executive Officer & Director807-766-3380 or Toll Free:
877-592-3380info@megapmi.comwww.megapmi.com
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