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Inventus Announces Closing of $1,550,000 Convertible Debt and Special Warrant Financing
TORONTO, ONTARIO--(Marketwired - April 11, 2016) - Inventus Mining Corp. ("Inventus" or the "Company") (TSX VENTURE:IVS) is pleased to announce further to is ne
About this update from Inventus Mining Corp.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - April 11, 2016) - Inventus Mining Corp. (\"Inventus\" or the \"Company\") (TSX VENTURE:IVS) is pleased to announce further to is news release dated February 25, 2016, the closing of a previously announced non-brokered private placement of C$1.3 million in principal amount of senior secured convertible debentures (the \"Offering\") at a price of C$100,000 and integral multiples thereof per debenture (\"Debentures\"). The Debentures will have an interest rate of 8% per year, calculated semi-annually from their date of issuance and will mature on the date that is two (2) years from the date of issuance (the \"Maturity Date\"). At the option of the lenders, principal under the Debenture is convertible (the \"Conversion\") into common shares of Inventus (the \"Conversion Shares\") at a conversion price of C$0.05 per Conversion Share until the date that is twelve (12) months prior to the Maturity Date or at a conversion price of C$0.10 per Conversion Share thereafter, in accordance with the policies of the TSX Venture Exchange, however, the lenders may only exercise their right to Conversion following completion of a consolidation (the \"Consolidation\") of the common shares of Inventus on a minimum basis of two (2) (old) common shares for one (1) (new) common share, and up to or on the Maturity Date. In the event the Consolidation is not completed on or prior to June 15, 2016, it will constitute an event of default pursuant to the terms of the Debenture. The Company intends to use the net proceeds of the Offering on the development of its bulk sampling program at its of its flagship Pardo gold project, located 65 kilometres north east of Sudbury, Ontario, and for general working purposes. In connection with the Offering, Mr. Wayne Whymark, Chairman and Chief Executive Officer of Inventus, acquired a flow-through special warrant (the \"Special Warrants\") in the amount C$250,000 exercisable at $0.05 per Special Warrant into common shares of Inventus on completion of the Consolidation, and Evanachan Limited (\"Evanachan\"), a company wholly-owned by Robert R. McEwen, purchased C$500,000 of Debentures. Mr. Whymark currently owns, or has direction and control over, directly or indirectly, 2,818,168 common shares of Inventus, representing approximately 3.3% of the outstanding common shares of the Company o...