Deal funds working capital, capital expenditures on the Pimenton Mine
By Devika Patel
Knoxville, Tenn., July 30 - Cerro Grande Mining Corp. said it raised $1.01 million in a private placement of unsecured convertible debentures with Compania Minera Chanar Blanco SA and Compania Minera Auromin Ltda, each of which invested $505,106.
The 0% debenture matures on July 30, 2018. It converts to common stock at C$0.10 per share, which is an 11.11% premium to C$0.09, the July 29 closing share price.
Proceeds will be used for working capital and to fund capital expenditures on the Pimenton Mine.
The Toronto company produces gold, silver and copper.
| Issuer: | Cerro Grande Mining Corp.
|
| Issue: | Unsecured convertible debenture
|
| Amount: | $1,010,211
|
| Maturity: | July 30, 2018
|
| Coupon: | 0%
|
| Conversion price: | C$0.10
|
| Warrants: | No
|
| Investor: | Compania Minera Chanar Blanco SA (for $505,106) and Compania Minera Auromin Ltda (for $505,106)
|
| Settlement date: | July 30
|
| Stock symbol: | Toronto: CEG
|
| Stock price: | C$0.09 at close July 29
|
| Market capitalization: | C$8.63 million
|
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