By Sheri Kasprzak
Atlanta, March 8 - Century Mining Corp. said it has raised C$1,065,000 in a private placement of a convertible debenture.
The closing is part of a C$2.85 million offering announced March 3.
The debenture bears interest at 10% annually, matures Dec. 31, 2006 and is convertible into common shares at C$0.44 each.
The conversion may be forced if Century's stock trades above C$1.00 for 30 consecutive days.
Based in Blaine, Wash., Century Mining is a gold exploration and development company. It plans to use the proceeds from the flow-through shares for drilling and exploration on the Sigma-Lamaque gold properties. The proceeds from the debentures will be used for working capital.
| Issuer: | Century Mining Corp.
|
| Issue: | Convertible debenture
|
| Amount: | C$1,065,000
|
| Maturity: | Dec. 31, 2006
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | C$0.44
|
| Call: | Conversion may be forced if stock trades above C$1.00 for 30 consecutive days
|
| Warrants: | No
|
| Pricing date: | March 3
|
| Settlement date: | March 8
|
| Stock price: | C$0.45 at close March 8
|
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