By Laura Lutz
Des Moines, Sept. 19 - Iberian Minerals Corp. announced that all the requirements have been met for a financing facility with Trafigura Beheer BV for C$40,065,530.
Under the financing agreement, which was finalized on Dec. 23, 2005, Trafigura agreed to purchase US$20 million of shares of Iberian Minerals. To complete that requirement. Trafigura bought C$0.3 million of shares at C$0.75 each in May, C$5 million of shares at C$1.00 each in June and C$17.4 million of shares at C$1.30 each in August, for a total of C$22.7 million, equivalent to US$20 million.
The breakdown was changed from the originally planned US$5 million of equity, with the balance of the commitment to be supplied through subordinated convertible debt and capital cost guarantees for a bank project finance facility.
In addition to the US$20 million commitment, Trafigura also subscribed for 13,358,100 units of Iberian Minerals at C$1.30 per unit, for a total of C$17,365,530. Each unit consists of one share and one quarter-share warrant. Each whole class 1 warrant is exercisable at C$2.20 for two years, and each class 2 warrant is exercisable at C$2.60 for two years from the date of exercise of the class 1 warrant.
Iberian Minerals is a Toronto-based mining company. Trafigura is a commodity and metal trading company with headquarters in Lucerne, Switzerland.
| Issuer: | Iberian Minerals Corp.
|
| Issue: | Stock and units of one share and one quarter-share warrant
|
| Amount: | C$40,065,530
|
| Investor: | Trafigura Beheer BV
|
| Settlement date: | May (for C$0.3 million), June (for C$5 million), August (for C$17.4 million)
|
| Stock symbol: | TSX Venture: IZN
|
| Stock price: | C$1.39 at close on Sept. 19
|
|
|
| Stock
|
| Price: | C$0.75 (for C$0.3 million), C$1.00 (for C$5 million), C$1.30 (for C$17.4 million)
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 13,358,100
|
| Price: | C$1.30
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant expiration: | Two years (for class 1), two years from exercise of class 1 warrant (for class 2)
|
| Warrant strike price: | C$2.20 (for class 1), C$2.60 (for class 2)
|
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