Business
Copper Mesa Mining Corporation Announces Bridge Loan Facility
VANCOUVER, Sept. 10 /CNW/ - Copper Mesa Mining Corporation ("Copper Mesa" or the "Company") (TSX:...
About this update from Vital Energy Inc.
[{"type":"text","content":"\n\n\n\nVANCOUVER, Sept. 10 /CNW/ - Copper Mesa Mining Corporation ("Copper Mesa"\nor the "Company") (TSX:CUX) today announced that it has negotiated at\narms-length a secured bridge loan facility from private investors for up to\nUS$2.3 million (the "Loan"). The Loan is due on the first anniversary of the\ninitial advance and bears interest at 6% per annum, payable quarterly. Each\nadvance under the Loan is subject to certain conditions. Subject to\nshareholder and TSX approval, the terms of the Loan also provide the private\ninvestors with the right, in the event of a future equity financing by the\nCompany, to convert the principal and interest outstanding and accrued on the\nLoan at the time of the financing into the equity securities offered in that\nfinancing at the same price per security that such securities are sold in the\nfinancing. The Company has the right to pre-pay the Loan at any time prior to\nits due date with no penalty.\n\n\nIn connection with the Loan the Company has agreed to issue one warrant\n(the "Warrant") for each dollar loaned to the Company in respect of\nUS$2.0 million under the Loan facility, and 1.5 Warrants for each dollar\nloaned to the Company in respect of US$300,000 under the Loan facility. Each\nWarrant will be exercisable for a five year term from the date it is issued,\nand will be convertible for one common share of the Company at an exercise\nprice per share equal to the volume-weighted average closing price per share\non the TSX for the 5 trading days preceding the date the Warrants are issued.\nIf all 2,450,000 Warrants are issued, they would be exercisable for an\naggregate of 2,450,000 shares, representing approximately 2.4% of the shares\ncurrently issued and outstanding.\n\n\nThe proceeds from the Loan will be used for general working capital and\ncertain capital asset expenditures including funding the advancement of the\nZonia copper mine in Arizona.\n\n\nCopper Mesa Mining Corporation\n\n\nCopper Mesa is a mineral exploration and development company focused on\nadvancing into production its two key past-producing copper properties, the\nZonia and Emerald Isle Mines, in Arizona. The Company will continue to expand\nits resource base through acquisition of additional properties of merit in the\nAmericas.\n\n\n","length":2369,"tagName":"div"}]