MONTREAL, QUEBEC--(Marketwired - Sept. 2, 2014) - Cyprium Mining Corporation ("Cyprium Mining" or the "Company") (TSX VENTURE:CUG) announced today that effective at the opening on Thursday September 4, 2014, the 12% Unsecured Debentures (the "Debentures") will commence trading on TSX Venture Exchange under the symbol CUG.DB.
"In what remains a challenging markets for financing of small mining companies, juniors need to be innovative in their approach to raising capital and that's what we have done with this financing" said Alain Lambert, Chairman of Cyprium. "We believe that the successful closing of the debenture financing in February and the listing of these debentures on the TSX Venture Exchange this week may pave the way to similar financings in the future as we get closer to production at our Las Cristinas project in northern Mexico."
The Debentures were issued by the Company on February 28, 2014 pursuant to a private placement of 750 Units at a price of $820 per Unit for gross proceeds of $615,000. Each Unit was comprised of 1,901 common shares of the Company and $1,000 principal amount of 12% Unsecured Debenture. The Debentures mature on February 28, 2017.
The Company also announced that it has made application to the TSX Venture Exchange to extend the term of 1,514,700 warrants exercisable at $0.25 from December 28, 2014 to December 28, 2015. The exercise price will remain unchanged.
About Cyprium Mining Corporation
We operate solely in Northern Mexico where our senior management team. We only look for projects that have a potential for profitable production in the short-term and a large exploration potential. Cyprium is committed to maximizing the potential of projects by funding exploration programs mainly through cash flows generated by production instead of funding such programs strictly through equity offering thus limiting shareholder dilution. Cyprium prioritizes projects which are easily accessible and close to large urban centers. Cyprium owns 51% of Coyame Copper SA de CV ("Coyame Copper"), a Chihuahua, Mexico based mining exploration company and has an option to increase its stake in Coyame Copper to 70% for a consideration of US $1.2 million payable over a period of eighteen months following the exercise of the option. Coyame Copper's Las Cristinas Project consist of four adjacent exploration concessions (Las Cristinas, La Parrita, La Verde and La Lagrimosa) covering 684 hectares. Coyame Copper also owns production assets located outside the town of Coyame, Mexico.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) 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.
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law. Investors should note that the Las Cristinas property has no established mineral resources or mineral reserves as defined by NI 43-101. Although Cyprium Mining has made an initial production decision based on historical production records and the results of the recent sampling, a feasibility study has not been completed and there is no certainty that the proposed operation will be economically or technically viable. The completion of each phase of drilling is contingent on the successful completion of the previous one.