Mukuba Announces Closing of Convertible Debenture Offering
24 Agosto 2012 - 6:19PM
PR Newswire (Canada)
TORONTO, Aug. 28, 2012 /CNW/ - Mukuba Resources Limited ("Mukuba"
or the "Company") is pleased to announce that it has closed a
private placement of convertible debentures in the aggregate
principal amount of $250,000 due to mature on August 27, 2013 (the
"Debentures") for gross proceeds of $250,000. The Debentures are
part of a larger private placement financing of the Company (the
"Private Placement") previously announced on July 12, 2012. The
Private Placement will comprise a maximum of 12,500,000 units (the
"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 the Company (each a "Warrant") entitling the holder thereof,
during a period of 24 months from the date of closing of the
Private Placement (the "Closing"), to purchase one of the Company's
common shares at an exercise price of $0.16 per common share. The
Private Placement 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 Debentures are convertible into 2,083,333 Units
upon Closing of the Private Placement. These Units are included in
the 12,500,000 Units described above. In the event that the
Consolidation and the Private Placement are not completed by
December 27, 2012, the Debentures 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.
Completion of the Private Placement is subject to the receipt of
all required regulatory and shareholder approvals, including
acceptance by the TSX Venture Exchange. 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 4013 FAX: +1 (416) 603
9200Email: info@mukubaresources.com
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