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Prima Colombia Hardwood Inc. Issues Shares Pursuant To Bridge Loan Facility Term Fee And Options Grant
TSX-V: PCT VANCOUVER, Oct. 7, 2011 /CNW/ - Prima Colombia Hardwood Inc. (TSX-V:PCT) ( "...
About this update from Bravern Ventures Ltd.
[{"type":"text","content":"\n\n\n\n\n\nTSX-V: PCT\n\n\nVANCOUVER, Oct. 7, 2011 /CNW/ - Prima Colombia Hardwood Inc. (TSX-V:PCT)\n (\"Prima\" or the \"Company\") has received approval from the TSX Venture Exchange to issue 2,594,034\n common shares of the Company to Endeavour Capital Corporation\n (\"Endeavour\") pursuant to the term fee clause (\"Term Fee\") within their\n Bridge Loan Facility (the \"Facility\") disclosed on May 27, 2011. The\n Facility contemplated that if the $4,000,000 Bridge Loan was not fully\n pre-paid by September 19, 2011 as was originally anticipated, Prima\n would pay Endeavour a Term Fee of CDN $200,000 in cash or common shares\n of the Company. The number of shares to be issued was calculated using\n the 5-day volume weighted average price of the Company's shares\n immediately preceding September 19, 2011. All shares issued in\n connection with the Term Fee are subject to a four month hold period\n expiring February 8, 2012.   In the event that Prima completes any\n future equity financings, Prima will utilize 100% of the net proceeds\n to first repay the Facility in full, including any accrued interest.\n\n\nPrima also wishes to announce that pursuant to the Company's stock\n option plan, 200,000 incentive stock options have been granted to its\n investor relations provider, Vanguard Shareholder Solutions Inc.\n (\"Vanguard\"), entitling Vanguard to purchase 200,000 common shares of\n the Company at an exercise price of $0.10 per share for a period of 5\n years, subject to TSX Venture Exchange approval.\n\n\nAbout Prima Colombia\nPrima Colombia Hardwood Inc. is a TSX Venture Exchange-listed Canadian\n based forest products company focused on international tropical\n hardwood timber development, production and marketing.  Prima\n Colombia's initial operations are located near Bahia Solano, Department\n of Choco on the west coast of the Republic of Colombia.  All Prima\n forestry concessions are intended to be operated following the highest\n standards of sustainable forestry and environmental management.  Prima\n brings over 30 years of forestry experience and dedication to best\n environmental operating practices and working with local communities\n and governmental agencies.\n\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as\n that term is defined in the policies of the TSX Ve...