Cyprium Mining Corporation
(TSX: $CUG.V) Provides Corporate Update
MONTREAL,
QC - November 30, 2016 (Investorideas.com Newswire) Cyprium Mining Corporation
(TSX-V: CUG and CUG.DB) ("Cyprium"
or the "Company") announces that it has entered into debt settlement
agreements (the "Debt Conversions") with various creditors who are
not insiders of the Company to settle up to $248,703 of indebtedness by the
issuance of up 100,000 units at a price of $0.065 per unit (the "Units for
Debt"), up 3,427,273 units at a price of $0.055 per unit (the "Units
for Debt"), up to 10,318 common shares in the capital of the Company
("Common Share") at a price of $0.065 per Common Shares, up to
368,900 common shares in the capital of the Company ("Common Share")
at a price of $0.06 per Common Shares and up to 561,782 Common Shares at a
price of $0.055 per Common Shares. Each Unit for Debt will be comprised of one
Common Share in the capital of the Company and one share purchase warrant of
the Company ("Warrant").
Each
Warrant will be exercisable into one Common Share at an exercise price of
$0.10, expiring two years from the date of issuance.
Closing
of the Debt Conversions and the issuance of the Common Shares and the Warrants
is subject to certain conditions including, but not limited to, the receipt of
all necessary approvals, including the approval of the TSX Venture Exchange
Inc. Pursuant to applicable securities laws, all securities issued pursuant to
the above-mentioned transactions will be subject to a hold period of four
months plus one day following the closing of the Debt Conversions.
In
addition, as announced on October 29th, 2015, upon closing of the acquisition
of a controlling interest in a joint venture with respect to the Potosi silver
mine located in the mining district of Santa Eulalia in Mexico and the property
adjacent to the south of the Potosi silver mine known as La Chinche, the
Company acquired from an arms' length third party (the "Arms' Length
Party") certain rights with respect to the Potosi silver mine, including
the rights to mine the Potosi silver mine (the "Rights"). The total
purchase price for the Rights was US$746,846 (the "Purchase Price")
which was payable as to US$400,000 in cash at closing in October 2015 and
US$346,846 to be paid in monthly installments starting eight months after the
date of the closing (the "Post-Closing Amount"). The Company had
recently been negotiating with the Arms' Length Party to extend and/or restructure
the repayment of the Post-Closing Amount. Cyprium has been informed by the
Arms' Length Party of its intent to end negotiations and demanded the payment
of the Post-Closing Amount. Cyprium continues to evaluate financing options to
finance the payment of the Post-Closing Amount.
About Cyprium Mining Corporation
For
the description of Cyprium Mining's business and the Company's Forward Looking
Statement Disclaimer which form an integral part of this news release please
visit our website at:
For further
information, please contact:
Neither
TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is
defined in policies of the TSX Venture Exchange Inc.) accepts responsibility
for the adequacy or accuracy of this release.
This
news release contains "forward-looking information" (within the
meaning of applicable Canadian securities laws) and "forward -looking
statements" (within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995). Such statements or information are identified with words
such as "anticipate", "believe", "expect",
"plan", "intend", "potential",
"estimate", "propose", "project",
"outlook", "foresee" or similar words suggesting future
outcomes or statements regarding an outlook. Such statements include, among
others, those concerning the Company's anticipated plans for developments of
the Company and its mining projects.
Such
forward-looking information or statements are based on a number of risks,
uncertainties and assumptions which may cause actual results or other
expectations to differ materially from those anticipated and which may prove to
be incorrect. Assumptions have been made regarding, among other things,
management's expectations regarding future growth, plans for and completion of
projects by Company's third party relationships, availability of capital, and
the necessity to incur capital and other expenditures. Actual results could
differ materially due to a number of factors, including, without limitation,
operational risks in the completion of Company's anticipated projects, delays
or changes in plans with respect to the development of Company's anticipated
projects by Company's third party relationships, risks affecting the ability to
develop projects, risks inherent in operating in foreign jurisdictions, the
ability to attract key personnel, and the inability to raise additional
capital. No assurances can be given that the efforts by the Company will be
successful. Additional assumptions and risks are set out in detail in the
Company's MD&A, available on SEDAR at www.sedar.com.
SOURCE
Cyprium Mining Corporation
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