Mindesta Announces Private Placement and Debt Restructuring
22 Mayo 2014 - 4:31PM
Marketwired
Mindesta Announces Private Placement and Debt Restructuring
OTTAWA, CANADA--(Marketwired - May 22, 2014) - Mindesta Inc.
("Mindesta" or the "Company") (OTCBB:MDST) announces that it has
completed a non brokered private placement consisting of the sale
of 15,783,332 units at a price of US$0.015 per unit for total
proceeds of US$236,750. Each unit consists of one common share and
one half of a share purchase warrant. Each whole warrant entitles
the holder to purchase one common share at a price of $0.0175 until
December 31, 2016.
In addition,
Mindesta has reached agreement with Nubian Gold Corporation
("Nubian") to convert the US$100,000 that is owed to Nubian by the
Company, and in turn by Nubian to its major shareholder Gregory
Bowes, into 10,000,000 common shares of the Company at a price of
$0.01 per share. Mr. Bowes and related companies have also agreed
to restructure the balance of funds owing to them by the Company
being approximately $142,000. Approximately $22,000 in interest
will be forgiven, $50,000 will be repayable immediately and the
balance will be repayable in one year. Mr. Bowes is also director
and officer of Mindesta.
Upon the completion
of these transactions Mindesta will have 35,196,913 shares
outstanding.
About Mindesta
Mindesta is a junior
exploration company that trades on the OTCBB and is an SEC
registrant current on all 10k and 10Q filings. The Company is
currently seeking new business opportunities.
This press release
does not constitute an offer to sell or the solicitation of an
offer to buy securities in any jurisdiction.
"Safe Harbor"
Statement under the Private Securities Litigation Reform Act of
1995: This press release contains forward-looking statements
(within the meaning of Section 27a of the Securities Act of 1933
and Section 21e of the Securities Exchange Act of 1934) regarding
us and our business, financial condition, results of operations and
prospects. Forward-looking statements in this report reflect the
good faith judgment of our management and the statements are based
on facts and factors as we currently know them. Forward-looking
statements are subject to risks and uncertainties and actual
results and outcomes may differ materially from the results and
outcomes discussed in the forward-looking statements. Actual
results could differ materially from those projected in the
forward-looking statements, as a result of either the matters set
forth or incorporated in this report generally or certain economic
and business factors, some of which may be beyond our control.
Readers are urged not to place undue reliance on these
forward-looking statements which speak only as of the date of this
press release. We undertake no obligation to revise or update any
forward-looking statements in order to reflect any event or
circumstance that may arise after the date of the press
release.
NO REGULATORY
AUTHORITY HAS APPROVED OR DISAPPROVED OF THE CONTENTS OF THIS
RELEASE
Mindesta Inc.Gregory BowesCEO(613) 241-9959
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