Thursday, March 11, 2010
settlement with MRI Switzerland
BLAINE, WASHINGTON--(Marketwire - March 11, 2010) - Century Mining Corporation ("Century" or the "Company") (TSX VENTURE:CMM) announced today that it has reached a settlement with MRI of Switzerland on its outstanding $1.0 million debt facility by the issuance of 3,571,429 common shares of the Company at a deemed issue price of $0.28 and 250,000 warrants exercisable at $0.40 for a period of 18 months. The issuance of the shares and warrants is subject to compliance with applicable securities laws and approval by the TSX Venture Exchange. The shares will be subject to a hold period of four months. In addition, all matters regarding the claim and counterclaim have been resolved.
Subscribe to:
Post Comments (Atom)
1 comment:
This is very good. The original converible debenture price was $.18. It means we gained $.10 per shares on the original agreement. The 250K warrants (at $.40) is minor. Although the dilution sucks, at least it helps us to maximize our cash position (which is ultimately more important). It also signifies that MRI clearly understands the benefits of being a Century Mining shareholder at this momment in time.
Post a Comment