SOURCE: Inca One Resources Corp.
VANCOUVER, BC--(Marketwired - August 29, 2014) - INCA ONE RESOURCES CORP. (TSX VENTURE: IO) ("Inca One" or the "Company") is pleased to announce that it has entered into an amended subscription agreement (the "Amended Subscription Agreement") with respect to the final tranche of its previously announced bond financing (the "Bond Financing"). The first tranche of the Bond Financing closed on June 3, 2014, for gross proceeds of $2,700,000.
Under the terms of the Amended Subscription Agreement, the closing of the final tranche of the Bond Financing will occur in two separate tranches, each for gross proceeds of $1,400,000, the first of which closed on August 29, 2014 and the second of which is scheduled to close in September, 2014.
Edward Kelly, President and CEO of Inca One stated: "We are pleased to have negotiated the Amended Subscription Agreement. The new closing schedule more closely matches our funding needs for the Chala One Plant expansion and will lower our interest expenses accordingly."
As previously disclosed the proceeds from the Bond Financing will be used to fund increasing the throughput capacity on the Company's gold milling facility located in Chala, Peru.
The company also advises that under the company's stock option plan, it has issued 500,000 incentive stock options at an exercise price of 0.15. The stock options expire 5 years from the date of grant.
About Inca One Resources Corp.
Inca One is a Canadian-based ore processing company with a gold milling facility in Peru, servicing government-permitted small-scale miners. A highly mineral-rich country, Peru is one of the world's top producers of gold, silver, copper and zinc, with substantial production coming from small scale miners who need government permitted milling facilities to process their ore (such as the Company's Chala mill).
On behalf of the Board,
INCA ONE RESOURCES CORP.
President & CEO
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.
Statements regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements due to factors such as: (i) fluctuation of mineral prices; (ii) a change in market conditions; and (iii) the fact that the Company has limited operating experience with its Chala plant and future operational results may not be accurately predicted based on this limited information to date. Except as required by law, the Company does not intend to update any changes to such statements.
This news release deals only with the Company's Chala plant, which is an industrial project. This presentation does not deal at all with the Company's sole mineral exploration property, the Corizona property. Investors should note that no resource has been established on the Corizona property and all of the material currently being processed at the Chala plant is received from local small-scale mining operations.