Funds to help acquire Philippines-based Basay Porphyry Copper Project
By Devika Patel
Knoxville, Tenn., Dec. 20 - Copper Development Corp. said it has arranged a convertible loan. It will raise $1.9 million through the agreement with Solfotara Mining Corp.
The loan will be drawn in two tranches. The first drawdown, for up to $1.2 million, will settle by Dec. 31 and the second drawdown, for the balance, will occur by May 31.
The loan matures on Dec. 31, 2011.
Proceeds will be used exclusively to acquire a 100% interest in the Basay Porphyry Copper Project in the Philippines. The company may choose to convert the outstanding loan to a 70% interest in the project.
The copper mining and development company is based in Douglas, Isle of Man, United Kingdom.
| Issuer: | Copper Development Corp.
|
| Issue: | Convertible loan
|
| Amount: | $1.9 million
|
| Maturity: | Dec. 31, 2011
|
| Warrants: | No
|
| Investor: | Solfotara Mining Corp.
|
| Announcement date: | Dec. 20
|
| Stock symbol: | London: CDC
|
| Stock price: | 35p at close Dec. 20
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
