Mukuba Announces Financing and Proposed Share Consolidation
09 Luglio 2012 - 3:38PM
PR Newswire (Canada)
TORONTO, July 12, 2012 /CNW/ - Mukuba Resources Limited ("Mukuba"
or the "Company") announced today that it has arranged a private
placement financing for a minimum of $750,000 and a maximum of
$1,500,000 on the following terms and conditions (the "Offering"):
-- The Offering is conditional upon a consolidation of the
Company's outstanding common shares at a ratio of four
pre-consolidation common shares for one post-consolidation common
share (the "Consolidation"). The Consolidation requires approval by
the holders of the Company's common shares at a meeting of
shareholders expected to occur on August 30, 2012. All references
to units are on a post-consolidation basis unless otherwise
identified. -- The Offering will comprise a maximum of 12,500,000
units at a subscription price of $0.12 per unit. Each unit will
consist of one common share and one common share purchase warrant
of Mukuba entitling the holder thereof (each a "Warrant"). Each
Warrant will entitle the holder thereof, during a period of 24
months from the date of closing of the private placement, to
purchase one Mukuba common share at an exercise price of $0.16 per
common share. The securities issued pursuant to the Offering will
be subject to a four month hold period. -- Cormark Securities Inc.
and Ocean Equities Limited have committed to purchase, or find
suitable substitute purchasers for a minimum aggregate amount of
$500,000. -- The Company will issue a convertible debenture in
aggregate principal amount of $250,000 convertible into 2,083,333
Units upon closing of the Offering. These units are included in the
12,500,000 units described above. In the event that the
Consolidation and Offering is not completed within four months from
the date hereof, the convertible debenture will bear interest at a
rate of 10% effective from the date of issue and be convertible
into shares at a rate of $0.10 per common share on a
pre-Consolidation basis. -- The remaining aggregate amount of
$750,000 will be issued to suitable subscribers on a best efforts
basis. There is no current commitment from any subscriber for the
remaining $750,000. -- The net proceeds of the Offering will be
used for general corporate purposes. Closing is expected to occur
on September 12, 2012. The shareholders meeting to consider the
Consolidation is anticipated to occur on August 30, 2012, but may
be extended in the sole discretion of the Company. In connection
with the Offering, Mukuba expects to pay a finder's fee consisting
of a cash commission equal to 5% of the gross proceeds of the Units
sold and issue share purchase warrants equal to 10% of the Units
sold by each such finder or as otherwise agreed upon on an
individual basis. As compensation for past services, the board of
directors of the Company has determined to award each of Mr. John
Hawkrigg, Mr. Martin Horgan, Mr. Danny Keating, Mr. Michael Smyth
(the "Directors") and Mr. Kelly Ehler (the "Chief Executive
Officer") a payment each of $50,000 for an aggregate total of
$250,000. Such compensation is to be paid in common shares of the
Company on the same terms of the common shares to be issued through
the Offering. Completion of the Offering and the payment to the
Directors and Chief Executive Officer is subject to the receipt of
all required regulatory and shareholder approvals, including
acceptance by the TSX Venture Exchange. Mr. John Hawkrigg, Chairman
of Mukuba, stated that, "the financing announced today places
Mukuba on firm ground with respect to its cash position and will
allow the company to move forward with its strategic plan with
respect to existing assets and any opportunities that may present
itself in the near future." 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. 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. This press release
contains statements about our future business and planned
activities, including matters relating to the Offering, future
shareholder meetings and the use of proceeds of the Offering. These
are "forward-looking" because we have used what we know and expect
today to make a statement about the future. Forward-looking
statements usually include words such as may, intend, plan, expect,
anticipate, believe or other similar words. We believe the
expectations reflected in these forward-looking statements are
reasonable. However, actual events and results could be
substantially different because of the risks and uncertainties
associated with our business or events that happen after the date
of this press release. 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 CEOTEL: +1 (416) 368 4013FAX: +1 (416) 603
9200Email: info@mukubaresources.com
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