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International Millennium Mining Corp. Announces Bridge Financing & Provides Update on Reverse Takeover Transaction
Not for distribution to United States newswire services or for release, publication, distrib...
About this update from Millennium Silver Corp
[{"type":"text","content":"International Millennium Mining Corp. Announces Bridge Financing & Provides Update on Reverse Takeover TransactionNot for distribution to United States newswire services or for release, publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States.VANCOUVER, BC / ACCESSWIRE / June 4, 2019 / International Millennium Mining Corp. (TSX-V: IMI) (the \"Company\" or \"IMMC\") announces that it has successfully arranged a bridge financing, representing the funds needed to bridge the Company as it works to satisfy the closing conditions for the reverse takeover transaction with Phoenix Capital Enterprises Ltd. (\"Phoenix\"), which was announced August 31, 2018 (the \"RTO Transaction\"). The bridge financing consists of the issuance of up to C$50,000 of convertible unsecured debentures at a price of C$1,000 per unit, with each debenture unit consisting of a C$1,000 principal amount 30-month 12% unsecured convertible debenture of the Company (a \"Debenture\"). The Debenture will be convertible into that number of units, each unit consisting of one (1) transferable common share and one (1) warrant (together a \"Conversion Unit\"), calculated on the basis of either: i) if converted prior to the completion of the RTO Transaction and proposed 20 for 1 consolidation (the \"Consolidation), at a conversion price of $0.05 per Conversion Unit (resulting in 1,000,000 Conversion Units) for the first 12 months of the term and $0.10 per Conversion Unit for the balance of the term of the Debenture after the initial 12 months (resulting in 500,000 Conversion Units); or ii) following completion of the Consolidation, at a conversion price of $0.50 per consolidated Conversion Unit (resulting in 100,000 consolidated Conversion Units). The Convertible Debentures will be sold on a non-brokered private placement basis. Closing of the Convertible Debenture financing is expected to occur on June 3, 2019, subject to approval by the TSX Venture Exchange (the \"Exchange\").The parties continue to work to satisfy the closing conditions for the RTO Transaction. Personal Information Forms (\"PIFs\") for directors and officers of IMMC, Tengri Coal and Energy, and Tengri Coal and Energy's subsidiaries, have been filed with the Exchange. Canadian audited financials for the Singapore and Mongolia companies, a draft N...