VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 13, 2014) - Iberian Minerals Ltd., formerly Solid Resources Ltd., ("Company") (TSX VENTURE:IML) announces a non-brokered private placement of convertible debentures in the principle amount of CDN $350,000. The private placement is subject to approval by the TSX Venture Exchange. The debentures will mature on January 31, 2015 and will bear interest at the rate of 15% per annum.
The payment of the debentures shall be secured by a security interest granted by the Company in respect of all present and after-acquired personal property of the Company, excluding the shares held of its foreign subsidiaries.
The debenture holders shall be entitled to convert the principal amount into common shares at a conversion price as follows: (i) if the Company completes a public financing, the conversion price will be equal to the public financing price; and (ii) if the Company does not complete a public financing, the holder may convert following the expiry of the resale restriction period with a conversion price equal to the last closing price of the common shares on the TSX Venture Exchange before the expiry of the resale restriction period.
Subscribers will be entitled to receive a bonus of common shares which number will be equal to 10% of the principal amount subscribed for, divided by $0.10.
The debentures and common shares issued on conversion together with the bonus shares are subject to resale restrictions in Canada that expires four months plus one day from the closing date.
The Company intends to expend the proceeds of the private placement for general corporate and working capital purposes.
About Iberian Minerals
Iberian Minerals is a Canadian junior mining company focused in Spain on the exploration and development of rare and industrial metals. The Company is currently studying the re-opening of the Cehegín iron ore concessions in south-eastern Spain and is applying for an exploitation permit on its Alberta-1 tantalum/tin and lithium property in north-western Spain. For further information go to www.iberianminerals.ca
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 release.