CALGARY, ALBERTA--(Marketwired - Aug. 15, 2014) - Iberian Minerals Ltd., formerly Solid Resources Ltd., ("Company") (TSX VENTURE:IML ) announced today that is has amended the terms of its private placement offering of debentures previously announced on August 13, 2014, such that the debentures are non-convertible. All other terms of the private placement remain the same.
The Company also announced the closing of the non-convertible secured debentures in the principal amount of $350,000, subject to final approval of the TSX Venture Exchange. The debentures mature on January 31, 2015 and bear interest at the rate of 15% per annum. The Company can redeem the debentures at any time upon ten days prior written notice. The payment of the debentures is 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 subscribers will also receive a bonus of an aggregate of 350,000 common shares. The bonus shares are subject to resale restrictions in Canada that expires four months plus one day from the closing date.
Finders acting in connection with the Offering received aggregate fees of Cdn $14,000.
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.