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IBI's Affiliate Company Grey Crown Resources Announces Terms of Private Placement Financings Regarding Proposed Transaction with Sereno Capital Corporation
IBI's Affiliate Company Grey Crown Resources Announces Terms of Private Placement Financings Rega...
About this update from Barrick Mining Corporation
[{"type":"text","content":"\nIBI's Affiliate Company Grey Crown Resources Announces Terms of Private Placement Financings Regarding Proposed Transaction with Sereno Capital Corporation\n\n\n Mar. 29, 2010 (Filing Services Canada) -- \nIBI 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, is doing a short-term private placement for interim financing purposes, and has announced terms and a schedule for a major financing related to the proposed transaction with Sereno Capital Corporation (\"Sereno\")As previously announced, Grey Crown is currently in the process of completing documentation and satisfying certain conditions concerning the proposed transaction with Sereno, a TSX-Venture issuer, a process by which, if completed, it is planned that Grey Crown would do a reverse takeover of Sereno. As the resulting issuer, Grey Crown would be listed on the TSX Venture Exchange.  Although possibly completed sooner, the deadline for closing the proposed transaction is May 15, 2010. The Grey Crown short-term interim placement is in the form of a convertible debenture: the deadline to commit and subscribe is 5:00 pm Eastern Time on April 2, 2010. This placement is available to shareholders and associates of Grey Crown Resources Limited and IBI Corporation. Terms of Short-Term Convertible Debenture* Convertible into Units of one common share and one warrant, at the   option of holder at any time up to maturity, at Cdn$0.50* Interest at 8% per annum, payable quarterly* Due October 31, 2010* Warrant exercisable at $0.60 for one year* Total placement is $375,000, of which $175,000 has been subscribed and   paid to date* Minimum subscription $10,000 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. It is anticipated this major financing will be completed with institutional investors in Europe. Grey Crown held preliminary meetings with a number of these potential institutional investors at the recent PDAC Convention and Trade Show in Toronto, with positive response. As part of arranging the major financing with in...