Inca One Announces $325,000 Convertible Debenture Financing
May 16 2014 - 8:30AM
Marketwired
Inca One Announces $325,000 Convertible Debenture Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 16, 2014) - INCA
ONE RESOURCES CORP. (TSX-VENTURE:IO) ("Inca One" or the "Company")
is pleased to announce a non-brokered private placement (the
"Debenture Financing") of debentures (the "Debentures") in the
amount of $325,000.
The Debentures will bear interest at a rate of 10% per annum,
calculated and paid quarterly in arrears. During the first year of
the term of the Debentures, 25% of the principal may, at the option
of the holder, be converted into common shares of the Company at a
price of $0.125 per common share.
The Debentures are redeemable by the Company at any time
following three years after closing of the Debenture Financing. The
Debentures will be secured by a security interest in all of the
Company's present and after acquired property pursuant to a
security agreement.
A finder's fee of 4% of the gross proceeds received from the
sale of the Debenture will be payable in cash. Closing of the
Debenture Financing is subject to the execution of definitive
transaction documents and the approval of the TSX Venture
Exchange.
The Company also announces that it has cancelled 325,000 stock
options granted in April, 2014.
Inca One is continuing its efforts to secure additional
non-dilutive funding to increase capacity at the Chala plant to
achieve the Company's goal of 100 tons per day. Further updates
will be provided to shareholders once these efforts are
finalized.
About Inca One Resources Corp
Inca One is a Canadian-based mineral resource company and ore
processing company with a gold milling facility in Peru, servicing
government-permitted small-scale miners. A highly mineral-rich
country, Peru is one of the world's top producers of gold, silver,
copper and zinc, with substantial production coming from small
scale miners who need government permitted milling facilities to
process their ore (such as the Company's Chala mill).
On behalf of the Board, |
|
INCA ONE RESOURCES CORP. |
|
Edward Kelly |
President & CEO |
NEITHER THE TSX-VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
TSX-VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS NEWS RELEASE.
Statements regarding the Company which are not historical facts
are "forward-looking statements" that involve risks and
uncertainties. Such information can generally be identified by the
use of forwarding-looking wording such as "may", "expect",
"estimate", "anticipate", "intend", "believe" and "continue" or the
negative thereof or similar variations. Since forward-looking
statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties. Actual
results in each case could differ materially from those currently
anticipated in such statements due to factors such as: (i)
fluctuation of mineral prices; (ii) a change in market conditions;
and (iii) the fact that the Company has limited operating
experience with its Chala plant and future operational results may
not be accurately predicted based on this limited information to
date. Except as required by law, the Company does not intend to
update any changes to such statements.
This news release deals only with the Company's Chala plant,
which is an industrial project. This presentation does not deal at
all with the Company's sole mineral exploration property, the
Corizona property. Investors should note that no resource has been
established on the Corizona property and all of the material
currently being processed at the Chala plant is received from local
small scale mining operations.
KIN
Communicationsio@kincommunications.com1-866-684-67301-604-684-6730www.kincommunications.com
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