Mukuba announces closing of unit offering, share compensation payments, redemption of outstanding debentures and appointment of
09 Setembro 2012 - 8:37PM
PR Newswire (Canada)
TORONTO, Sept. 12, 2012 /CNW/ - Mukuba Resources Limited ("Mukuba"
or the "Company") is pleased to announce that it has closed a
substantial portion of its previously announced private placement
of 12,500,000 units (the "Units") at a subscription price of $0.12
per Unit (the "Offering"). Today the Company issued
10,835,000 Units for aggregate proceeds of approximately $1,300,000
and has accepted subscriptions for the remaining 1,665,000 Units
for aggregate proceeds of approximately $200,000. The debentures
previously issued as part of the Offering and announced on August
28, 2012 were automatically converted into 2,083,333 Units (which
are included in the 10,835,000 Units issued today and described
above). The securities issued as part of the Offering (including
the securities issued as finders' fees) may not be traded before
January 13, 2013. Each Unit consists of one common share and one
common share purchase warrant (each a "Warrant") of the Company
entitling the holder thereof, during a period of 24 months from the
date hereof, to purchase one of the Company's common shares at an
exercise price of $0.16 per common share. The Company paid
aggregate cash commissions of $75,000 and issued a total of
1,250,000 warrants as finders' fees in connection with the
Offering. Each finder's fee warrant entitles the holder to purchase
one common share at $0.16 exercisable for 24 months. Mukuba also
announces that it intends to issue 416,666 common shares to each of
Mr. John Hawkrigg, Mr. Martin Horgan, Mr. Danny Keating, Mr.
Michael Smyth, all directors of Mukuba and Mr. Kelly Ehler,
President and Chief Executive Officer of Mukuba in satisfaction of
the previously announced compensation payments in lieu of fees and
services rendered to the Company (the "Share Compensation
Payments") approved by shareholders of the Company on August 30,
2012, subject to final acceptance by the TSX Venture Exchange (the
"Exchange"). Mukuba would also like to announce that it is
exercising its right to redeem its 10% convertible debentures due
April 17, 2013 (the "Debentures") in accordance with the terms of
the Debentures for a redemption price of 100% of the $443,000
principal amount plus accrued interest (the "Debenture
Redemption"). $50,000 of the redemption price will be paid in cash
and the remainder (including accrued interest) will be paid by
issuing common shares valued at 95% of the volume weighted average
trading price for the 20 consecutive trading days ending five
trading days prior to the redemption date. The Company intends to
set the redemption date as September 19, 2012 and issue common
shares in connection with the Debenture Redemption as soon as
practicable thereafter, subject to acceptance by the Exchange. The
Company is also pleased to announce that Mr. Dan Crandall has been
appointed as Chief Financial Officer of the Company, subject to
acceptance by the Exchange. Mr. Crandall is a Chartered Accountant
and has an Honours Bachelor of Accounting (Co-op) degree from Brock
University. In addition to acting as the Company's Chief Financial
Officer, Mr. Crandall is a Manager at Marrelli Support Services
Inc., specializing in accounting, regulatory compliance and
investment based services to numerous issuers on the TSX and
TSX-Venture exchanges. Previously Mr. Crandall was a Manager at
Collins Barrow Toronto LLP, a public accounting firm where he
worked for over 5 years. In connection with Mr. Crandall's
appointment, the Company intends to issue 50,000 stock options to
Mr. Crandall having an exercise price of $0.12. Mr. Crandall
replaces Kyle Appleby as CFO, who has resigned effective
immediately. The directors would like to express their appreciation
to Mr. Appleby for his contribution and past service to the
Company. The closing of the Offering, the Share Compensation
Payments, the Debenture Redemption and the appointment of Mr.
Crandall as CFO (including the issuance of stock options to Mr.
Crandall) are all subject to final acceptance by the Exchange.
About the Company Mukuba is a Canadian mining company focused on
the exploration and development of certain African base metal
assets alone and through a joint venture partner. These assets
include a 100% interest in the Northcore Project, which is licensed
for both copper and cobalt and encompasses approximately 2,265
square km of geologically prospective ground in the Central African
Copperbelt region of Zambia. Mukuba is also a party to a joint
venture with Benzu Resources Limited to explore and develop a
copper and base metals project in the Democratic Republic of the
Congo. 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. Forward-looking Information Securities regulators
encourage companies to disclose forward-looking information to help
investors understand a company's future prospects. This press
release contains statements about our future business and planned
activities, including matters relating to the Offering. These are
"forward-looking" because we have used what we know and expect
today to make a statement about the future. Forward-looking
statements usually include words such as may, intend, plan, expect,
anticipate, believe or other similar words. We believe the
expectations reflected in these forward-looking statements are
reasonable. However, actual events and results could be
substantially different because of the risks and uncertainties
associated with our business or events that happen after the date
of this press release. You should not place undue reliance on
forward-looking statements. As a general policy, we do not update
forward-looking statements except as required by securities laws
and regulations. Mukuba Resources Limited CONTACT: Kelly Ehler,
interim President and CEOTEL: +1 (416) 368 4013FAX: +1 (416) 603
9200Email: info@mukubaresources.com
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