Deal funds development of bulk sampling program at Pardo gold project
By Devika Patel
Knoxville, Tenn., Feb. 25 – Inventus Mining Corp. said it will conduct a C$2 million non-brokered private placement of senior secured convertible debentures.
The 8% debenture is being sold in C$100,000 increments and matures in two years. It converts to common shares at a conversion price of C$0.05, which is a 66.67% premium to C$0.03, the Feb. 24 closing share price.
Settlement is expected the week of March 14.
Proceeds will be used for development of the bulk sampling program at the company’s Pardo gold project and for general working capital purposes.
The resource exploration company is based in Toronto and explores for gold.
| Issuer: | Inventus Mining Corp.
|
| Issue: | Senior secured convertible debentures
|
| Amount: | C$2 million
|
| Maturity: | Two years
|
| Coupon: | 8%
|
| Conversion premium: | 66.67%
|
| Conversion price: | C$0.05
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 25
|
| Settlement date: | March 14 week
|
| Stock symbol: | TSX Venture: IVS
|
| Stock price: | C$0.03 at close Feb. 24
|
| Market capitalization: | C$2.56 million
|
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