Investorideas.com newswire, commentary for mining sector

Wednesday, November 30, 2016

Cyprium Mining Corporation (TSX: $CUG.V) Provides Corporate Update

Cyprium Mining Corporation (TSX: $CUG.V) Provides Corporate Update



MONTREAL, QC - November 30, 2016 (Investorideas.com Newswire) Cyprium Mining Corporation (TSX-V: CUG and CUG.DB) ("Cyprium" or the "Company") announces that it has entered into debt settlement agreements (the "Debt Conversions") with various creditors who are not insiders of the Company to settle up to $248,703 of indebtedness by the issuance of up 100,000 units at a price of $0.065 per unit (the "Units for Debt"), up 3,427,273 units at a price of $0.055 per unit (the "Units for Debt"), up to 10,318 common shares in the capital of the Company ("Common Share") at a price of $0.065 per Common Shares, up to 368,900 common shares in the capital of the Company ("Common Share") at a price of $0.06 per Common Shares and up to 561,782 Common Shares at a price of $0.055 per Common Shares. Each Unit for Debt will be comprised of one Common Share in the capital of the Company and one share purchase warrant of the Company ("Warrant").

Each Warrant will be exercisable into one Common Share at an exercise price of $0.10, expiring two years from the date of issuance.

Closing of the Debt Conversions and the issuance of the Common Shares and the Warrants is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange Inc. Pursuant to applicable securities laws, all securities issued pursuant to the above-mentioned transactions will be subject to a hold period of four months plus one day following the closing of the Debt Conversions.

In addition, as announced on October 29th, 2015, upon closing of the acquisition of a controlling interest in a joint venture with respect to the Potosi silver mine located in the mining district of Santa Eulalia in Mexico and the property adjacent to the south of the Potosi silver mine known as La Chinche, the Company acquired from an arms' length third party (the "Arms' Length Party") certain rights with respect to the Potosi silver mine, including the rights to mine the Potosi silver mine (the "Rights"). The total purchase price for the Rights was US$746,846 (the "Purchase Price") which was payable as to US$400,000 in cash at closing in October 2015 and US$346,846 to be paid in monthly installments starting eight months after the date of the closing (the "Post-Closing Amount"). The Company had recently been negotiating with the Arms' Length Party to extend and/or restructure the repayment of the Post-Closing Amount. Cyprium has been informed by the Arms' Length Party of its intent to end negotiations and demanded the payment of the Post-Closing Amount. Cyprium continues to evaluate financing options to finance the payment of the Post-Closing Amount.


About Cyprium Mining Corporation
For the description of Cyprium Mining's business and the Company's Forward Looking Statement Disclaimer which form an integral part of this news release please visit our website at:

For further information, please contact:
Alain Lambert, Chairman and C.E.O.
ir@cypriummining.com
Ron Keenan, C.O.O.
rkeenan@cypriummining.com
Phone + 1 514 915 3836

Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.

This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward -looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others, those concerning the Company's anticipated plans for developments of the Company and its mining projects.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding future growth, plans for and completion of projects by Company's third party relationships, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, operational risks in the completion of Company's anticipated projects, delays or changes in plans with respect to the development of Company's anticipated projects by Company's third party relationships, risks affecting the ability to develop projects, risks inherent in operating in foreign jurisdictions, the ability to attract key personnel, and the inability to raise additional capital. No assurances can be given that the efforts by the Company will be successful. Additional assumptions and risks are set out in detail in the Company's MD&A, available on SEDAR at www.sedar.com.

SOURCE Cyprium Mining Corporation

Visit this Company: www.cypriummining.com    

More info on CUG.V at Investorideas.com:http://www.investorideas.com/CO/CUG/

Sign up for the free investor news and stock alerts:

This news is published on the Investorideas.com Newswire - a global digital news source for investors and business leaders


Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Contact each company directly regarding content and press release questions. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. More disclaimer info:http://www.investorideas.com/About/Disclaimer.asp. Disclosure: Cyprium Mining Corporation: six month news, PR and social media mining program for 9700 starting August 12, 2016

Additional info regarding BC Residents and global Investors: Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.



Post a Comment

Investorideas.com mining stocks newswire