Cyprium Mining (TSX:
$CUG.V) Debenture Holders Approve Extension Of Maturity Date To February 28th,
2019
All other
matters presented at debenture holders meeting also approved
Montreal
- September 22, 2016 (Investorideas.com Newswire) Cyprium Mining Corporation
("Cyprium" or the "Company") (TSX-V: CUG and CUG.DB) is
pleased to announce that at a special meeting of debenture holders held on
September 21 st, 2016 (the "Meeting") the holders of $750,000 in
principal amount of unsecured debentures bearing interest at 12% per annum (the
"Debentures") overwhelmingly approved all matters presented,
including the extension of the maturity date from February 28 th, 2017 to
February 28 th, 2019. The Corporation had issued the Debentures under a
debenture indenture dated February 28, 2014 (the "Indenture"). The
Debentures were entitled to be voted at the Meeting on the basis of one vote
for each one dollar of principal amount.
The
matters approved at the Meeting are to: (i) authorize CST Trust Company, as
debenture trustee, to grant an extension of time for payment of principal on
the Debentures from February 28th, 2017 to February 28th, 2019 , (ii) amend the
Indenture to allow past due and future interest to be payable through the
issuance of common shares in the capital of the Corporation (the "Common
Shares"), (iii) amend the Indenture to allow for conversion of the
principal amount and any accrued and unpaid interest of the Debentures into
Common Shares, the option of the holder, at a price per Common Share equal to
$0.10 before February 28th, 2017 and $0.15 thereafter; (iv) approve the
delisting of the Debentures from the TSX Venture Exchange; and (v) waive any
past defaults, and direct the debenture trustee to waive any past defaults, on
the part of the Corporation in complying with any and all provisions of the
Indenture.
The
Corporation is also pleased to announce that it has extended the maturity of US
$1,026,000 of 12.5% bonds from March 15 th, 2018 to January 1 st, 2019 (the
"Bonds"). The Bonds were issued as part of the bond financing
announced by Cyprium in March 2015 . As part of the amendment of the Bonds, the
Corporation was granted the option to pay all interests in common shares of the
Corporation.
Alain
Lambert , Chairman and CEO of Cyprium commented: "I'm glad to report that
96.8% of the principal amount of debentures voted at the meeting were in favour
of all matters presented. This sends a clear message of support for the
company's business plan. Our objective remains to finalize in the next two
weeks further extensions of the maturity date of various loans so that at least
90% of the company's loans will mature in 2019. Achieving this objective will
pave the way for greater access to the equity market as well as possible
corporate transactions to ensure the development of the Potosi mine and the La
Chinche exploration property."
About Cyprium Mining Corporation
For
further information, please contact:
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.
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.
Although
the Company believes that the expectations reflected in the forward-looking
information or statements are reasonable, prospective investors in the
Company's securities should not place undue reliance on forward-looking
statements because the Company can provide no assurance that such expectations
will prove to be correct. Forward-looking information and statements contained
in this news release are as of the date of this news release and the Company
assumes no obligation to update or revise this forward-looking information and
statements except as required by law. Investors should note that the Potosi
silver mine and La Chinche property have no established mineral resources or
mineral reserves as defined by NI 43-101. Although Cyprium Mining has made a
production decision regarding the Potosi silver mine based on historical
production records and results from recent sampling, a feasibility study of its
projects has not been completed and there is no certainty that the proposed
operations will be economically or technically viable.
SOURCE
Cyprium Mining Corporation
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