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IBI's Affiliate Company Grey Crown Resources Announces Closing of Short-Term Private Placement Financing
IBI's Affiliate Company Grey Crown Resources Announces Closing of Short-Term Private Placement Fi...
About this update from Barrick Mining Corporation
[{"type":"text","content":"\nIBI's Affiliate Company Grey Crown Resources Announces Closing of Short-Term Private Placement Financing\n\n\n Apr. 7, 2010 (Filing Services Canada) -- IBI Corp. (IBI - TSX Venture), a junior international mining and investment company, reports that IBI's affiliate company, Grey Crown Resources Limited (\"Grey Crown\"), currently a private integrated gold exploration company focused on Uganda, and owner of the Tira Gold Mine, has closed its recent short-term private placement, which was in the form of a convertible debenture, and which raised $375,000.The details of the private placement, including terms, were outlined in the Company's news release of March 29, 2010. As noted in the release, Grey Crown is currently in the process of completing documentation and satisfying certain conditions concerning its proposed transaction with Sereno Capital Corporation {\"Sereno\"), a TSX-Venture issuer. The deadline for closing the proposed transaction is May 15, 2010. The goal of Grey Crown regarding the proposed transaction is to be the \"resulting issuer\" from a reverse takeover of Sereno and to be listed on the TSX Venture Exchange.  The terms of the $375,000 Short-Term Convertible Debenture were as follows:* Convertible into Units consisting of one common share and one warrant, at the option of holder, on or before maturity, at Cdn$0.50* Interest at 8% per annum, payable quarterly* Maturity October 31, 2010* Warrant exercisable at Cdn$0.60 for one yearThe funds from this placement will be used for working capital and costs associated with the reverse takeover of Sereno. One of the conditions of completing the proposed transaction with Sereno is that Grey Crown is required to raise a minimum of $2.5 million in private placements financing, and this short-term private placement financing will count towards this minimum requirement. It is anticipated that additional private placement financing, which will be sold as units, will be completed with institutional investors in Europe. As part of arranging the financing with institutional investors, Paul Sherwen and John Anderson of Grey Crown will be participating in a series of presentation meetings in a European Road Show during the week of April 12 to 16. Meetings will be held in Paris, Zurich, Geneva, Luxembourg, and London. Major Financing Private Placement Terms:* Planning ...