By Sheri Kasprzak
New York, July 13 - ECU Silver Mining Inc. concluded a $5 million private placement of 8% convertible debentures.
IIG Capital LLC bought the five-year debentures to refinance its current 15% equity line.
The debentures are convertible into units of one share and one half-share warrant in the first two years at C$4.25 each.
The whole warrants are exercisable at C$5.00 each for two years.
After the first two years, the debentures will be convertible into common stock at C$4.25 each.
The remaining $5 million portion of the existing equity line will be transformed into a 10%, one-year loan.
Based in Rouyn-Noranda, Quebec, ECU is a silver and gold exploration company.
| Issuer: | ECU Silver Mining Inc.
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| Issue: | Convertible debentures
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| Amount: | $5 million
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| Maturity: | Five years
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Conversion price: | Into units for the first two years, stock thereafter at C$4.25 each
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| Warrants: | One half-share warrant per unit upon conversion within the first two years
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| Warrant expiration: | Two years
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| Warrant strike price: | C$5.00
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| Investor: | IIG Capital LLC
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| Settlement date: | July 13
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| Stock symbol: | TSX Venture: ECU
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| Stock price: | C$2.49 at close July 13
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