Hornby Bay Announces $100,000 Unsecured Promissory Note Financing
June 20 2014 - 4:09PM
Marketwired
Hornby Bay Announces $100,000 Unsecured Promissory Note Financing
TORONTO, ONTARIO--(Marketwired - Jun 20, 2014) - Hornby Bay
Mineral Exploration Ltd. (TSX-VENTURE:HBE) ("Hornby Bay") is
pleased to announce that it intends to complete a best efforts
non-brokered private placement financing (the "Financing") of up to
$100,000 principal amount of unsecured promissory notes
("Notes").
The Notes are due 18 months from the date of closing of the
Financing and bear interest at a rate of 9.0% per annum, payable
monthly. The Notes are senior in rank to all other indebtedness of
Hornby Bay.
In addition, each lender shall be issued 2,000 common shares of
Hornby Bay for every $1,000 principal amount of Notes subscribed
for in the Financing.
The proceeds of the Financing will be used for general working
capital purposes. The securities issued pursuant to the Financing
will be subject to a statutory four month hold period. The
Financing is subject to certain conditions including, but not
limited to, the approval of the TSX Venture Exchange and customary
closing conditions.
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.
This News Release includes certain forward-looking
statements which are based on information currently available to
management of Hornby Bay, and Hornby Bay provides no assurance that
actual results will meet management's expectations. Forward-looking
statements include estimates and statements that describe Hornby
Bay's future plans, objectives or goals, including words to the
effect that Hornby Bay or management expects a stated condition or
result to occur. Forward-looking statements may be identified by
such terms as "believes", "anticipates", "expects", "estimates",
"may", "could", "would", "will", or "plan", and include statements
made herein with respect to the use of proceeds from the Financing.
Since forward-looking statements address future events and are
based on assumptions relating to, among other things, the use of
proceeds from the Financing, by their very nature they involve
inherent risks and uncertainties, and thus actual results could
differ materially from those currently anticipated in such
statements for many reasons such as: changes in demand and prices
for minerals; litigation and other judicial and regulatory
developments; and other matters discussed in this News Release.
This list is not exhaustive of the factors that may affect any of
Hornby Bay's forward-looking statements. These and other factors
should be considered carefully and readers should not place undue
reliance on Hornby Bay's forward-looking statements. Hornby Bay
does not undertake to update any forward-looking statement that may
be made from time to time by it or on its behalf, except in
accordance with applicable securities laws.
Hornby Bay Mineral Exploration Ltd.James BradyPresident and
CEO(416) 361-2823
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