TORONTO, ONTARIO--(Marketwired - Aug. 27, 2013) - Mag Copper Limited ("Mag Copper" or the "Company") (CNSX:QUE) announces that it has received a loan of $225,000 from Chris Irwin, President of the Company. Proceeds of the loan will be used to satisfy the arrangement fee payable to First Equity Bonds Holdings PTE Ltd. in connection with the convertible debentures to be issued by the Company, as described in the Company's press release of August 6, 2013. The loan is payable on demand and is non-interest bearing. As at the date hereof, Mr. Irwin has advanced a total of $290,000 to the Company. Mr. Irwin will receive 900,000 common shares in the capital of the Company in connection with the loan.
Mr. Irwin is the President and a director of the Company. Mag Copper is relying on exemptions from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 based on financial hardship and the fact that the common shares of the Mag Copper are listed on the Canadian National Stock Exchange. A material change report in connection bridge financing will be filed less than 21 days before the closing of the transaction. This shorter period is reasonable and necessary in the circumstances due to the fact that the Company is required to pay the arrangement fee by August 27, 2013, or risk losing the insurance commitment for the convertible debentures.
The Canadian National Stock Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.