Business
Cambridge Capital Announces Agreement to Obtain Financing for Mining Operations
Cambridge Capital Announces Agreement to Obtain Financing for Mining Operations.
About this update from Cambridge Capital Holdings Inc
[{"type":"text","content":"LOS ANGELES - September 7, 2007 - Cambridge Capital Holdings, Inc. (OTC:CCHI), reports that it has entered into an agreement to obtain additional financing to support and continue mining operations at its Maisy Mae mining location. Under the terms of the Agreement, an affiliate of the Company's CEO will purchase 12% Secured Convertible Notes in an amount up to $1 million pursuant to a Note Purchase Agreement. At two scheduled closings, the purchaser will deliver $600,000 and $400,000, respectively, to the Company. The Notes will have a maturity date 12 months from the date of closing and will bear interest at 12% per annum compounded annually. The first closing occurred on August 28, 2007, and a Secured Convertible Note in the amount of $600,000 was issued to the purchaser. The second closing will be set at a mutually determined time in the future. The Company has the right to redeem the Notes at any time without penalty, subject to conversion rights of the purchaser.\n\nThe Notes are convertible to common stock of the Company, at a conversion rate based upon the bid price of the Company's common stock at or about the respective dates of issuance of the Notes, subject to other terms and conditions contained in the Note Purchase Agreement and related documents. As collateral for the Notes, the Company has pledged to the purchaser 100% of the outstanding common stock of CCHI Canadian Holdings, Inc..\n\nThe Company has commenced mining operations at both Maisy Mae and Dryup Gulch mine locations, but initial operations were slowed due to weather and other operational delays. The Company anticipates that this additional financing will support the ongoing mining efforts until such time as the mines can become self sustaining. \n\nAbout Cambridge Capital Holdings, Inc.\n\nCambridge Capital Holdings, Inc. owns and conducts gold mining operations through its CCHI Canadian Holdings, Inc. subsidiary. The Company purchases and sells real estate for investment and/or development through its FiCorp, Inc. subsidiary. The Company's offices are located in Los Angeles, CA.\n\nThis press release contains statements that are forward-looking, including comments on future business plans, investments, market conditions, revenue growth, expense management, and outlook. Any number of conditions may occur which would affect important factors in this anal...