Lustros Announces a $1.4 Million Investment by its Board of Directors and Management
March 17 2014 - 9:00AM
Business Wire
LUSTROS, INC. (LSTS) announced today it had received a
commitment from members of its board of directors and management to
fund up to $1.4 million to be used by the Company for operating
expenses at its copper sulfate processing plant in Chile.
The commitment calls for the issuance of up to $1.4 million
principal amount of promissory notes which shall mature in two
years from the date of issuance and which will bear a 5% interest
rate. These notes will be convertible into shares of Lustros common
stock at the per share conversion price of $0.16, with 20% warrant
coverage at a per share exercise price of $0.25 per share. These
terms are substantially similar to those in the financing round
closed by the Company in December 2013.
“Our copper sulfate processing plant is now in operation. This
financing commitment allows us to fund the purchase of raw
materials and to cover overhead and other operating expenses in
preparation of our first full production orders anticipated to be
shipped in May of this year. The continued financial support from
our Board and management is commendable and demonstrates our
commitment to our business plan,” said Bill Farley, CEO of Lustros,
Inc.
About Lustros, Inc.
Lustros, Inc., through its Chilean subsidiaries, is in the
business of the manufacturing of food-grade copper sulfate. Through
its wholly owned subsidiary Lustros Chile SpA, Lustros has a
majority equity position in Sulfatos Chile S.A., which owns the
Anica Copper Mines as well as a copper sulfate production plant and
employs a highly experienced staff of mining professionals. Lustros
Chile SpA’s subsidiary Mineraltus SA is a Chilean corporation that
will process tailings (waste products) of expired copper mines to
secure the raw materials to manufacture high quality, feed-grade
copper sulfate.
Safe Harbor Statement
This press release may include forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
statements are based on the Company's current expectations as to
future events. However, the forward-looking events and
circumstances discussed in this press release might not occur, and
actual results could differ materially from those anticipated or
implied in the forward-looking statements.
Lustros, Inc.Trisha Malone,
CFO619-449-4800Trish@Lustros.com