Cyprium Mining Corporation
TSX VENTURE : CUG

Cyprium Mining Corporation

January 02, 2015 18:24 ET

Cyprium Mining Corporation Announces Closing of Private Placement of Units

MONTREAL, QUÉBEC--(Marketwired - Jan. 2, 2015) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Cyprium Mining Corporation (TSX VENTURE:CUG) ("Cyprium" or the "Corporation") is pleased to announce that it has completed its previously announced private placement of US $303,000 of units (the "Units") at a price of US $1,000 per Unit (the "Offering"). Each Unit comprised of US $1,000 principal amount of unsecured, non-convertible debentures (the "Debentures"), which will mature thirteen months from the date of issuance and 1,600 common shares in the capital of the Corporation. The Debentures will bear interest at a rate of 12% per annum paid semi-annually in cash.

Cyprium will pay finder's fees in connection with the Offering, and in connection therewith will pay such finders a cash commission of up to 8% of the proceeds of the Offering that have resulted from such parties efforts, subject to compliance with applicable securities laws. The finders may also be granted warrants to purchase up to 8% of the number of Units sold under the Offering, with each warrant entitling the holder to purchase one Debenture at US $1,000 per Debenture for a period of eighteen months from the closing of the Offering.

The proceeds of the offering will be used for working capital related to the Corporation's production activities at a plant located in Aldama, Mexico, up to US $50,000 for purchasing equipment and materials to optimize production at the plant and general working capital.

The Offering is subject to the final approval of the TSX Venture Exchange. Pursuant to applicable securities laws, all securities issued pursuant to the Offering will be subject to a hold period of four months plus one day following the closing of the Offering.

Neither TSX Venture nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

The securities of Cyprium being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties, including without limitation, statements pertaining to the closing of the Offering including Cyprium's ability to obtain necessary approvals from the TSX Venture Exchange. Actual results may differ materially. Cyprium will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Cyprium.

Contact Information

  • Cyprium Mining Corporation
    Alain Lambert
    Chairman of the Board
    (514) 219-7988