Westin Korrin buys five-year note; conversion price at 50% premium
By Susanna Moon
Chicago, Aug. 19 - Amarium Technologies Inc. said it completed a $3.2 million private placement of a 6.5% five-year unsecured convertible debenture with Westin Korrin Capital Investment Inc.
The debenture is convertible into common stock at a price of $0.30 per unit after 24 months. The conversion price is a 50% premium to the company's closing price on Aug. 16.
Proceeds will be used to fast track the company's expansion program of the Jovita flotation mill to 1,000 tons per day.
Amarium said it signed an $8.75 million copper streaming agreement with Anglo-Asia Resource Partners.
"With our exploration program about to begin, and the expansion of the Jovita mill staged to kickoff before the end of the year, it is important that the company secures additional investment capital," Adam Carter, the president and chief executive officer of Amarium, said in a press release.
"Now that we have finalized the convertible debt offering at terms we feel are favorable to the existing shareholders, we can confidently proceed with our development plans over the next 24 months."
Amarium is a Las Vegas company focused on the acquisition and development of base metals projects in Mexico.
| Issuer: | Amarium Technologies Inc.
|
| Issue: | Unsecured convertible debenture
|
| Amount: | $3.2 million
|
| Maturity: | Five years
|
| Coupon: | 6.5%
|
| Conversion price: | $0.30
|
| Warrants: | No
|
| Investor: | Westin Korrin Capital Investment Inc.
|
| Settlement date: | Aug. 19
|
| Stock symbol: | OTCBB: AMMG
|
| Stock price: | $0.20 at close Aug. 16
|
© 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.
