Ferrum Americas Mining Inc., (TSX VENTURE:FEM) is pleased to announce that it has closed a non-brokered private placement of units and convertible debentures for gross proceeds of $1,118,627.
The placement consists of 7,732,837 units at a price of $0.08 per unit for gross proceeds of $618,627. Each unit consists of one common share in the capital of the Company and one non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.20 per share for a period of three years. The common shares and warrants comprising the units are subject to a four-month hold period.
Prestige Times Limited Investment
An additional $500,000 was subscribed by Prestige Times Limited a Hong Kong-based investment group, in the form of a non-interest bearing non-transferable convertible debenture. The debenture can be converted at the holder’s discretion into common shares of Ferrum at a conversion price of $0.20 per common share at any time following the first anniversary of the date of issue until the date that is three years following the date of issue.
PT also subscribed for 6,250,000 units described above. As part of the placement of units and convertible debentures, PT will also be appointing one member to the board of directors of Ferrum.
“The investment by PT acknowledges the expertise developed in Ferrum’s team, which will be used to target iron, copper and precious metals opportunities throughout the Americas,” Laurence Curtis, Chairman of Ferrum said.
The closing remains subject to Ferrum obtaining the final approval of the TSX Venture Exchange.
About Ferrum Americas Mining
Ferrum Americas is focused on developing iron ore, base and precious metals projects in the Americas.
Ferrum Americas has rights to acquire a 98% interest in the Cerro Rojo iron ore project in Bolivia. Located 600 kilometres east of Santa Cruz and approximately 55 kilometres from Puerto Suarez and the Hidrovia river system near Corumba, Brazil, Cerro Rojo is a large banded iron formation striking for more than 4 kilometres, according to reports prepared by Rio Tinto in 1999 and verified by Ferrum.
A NI 43-101 mineral resource estimate, prepared by P&E Mining Consultants Inc., includes Indicated resources of 111.0 million tonnes at 48.1% Fe and Inferred resources of 175.9 million tonnes grading 48.8% Fe at a 15% iron cut-off grade.
At a cut-off grade of 50% Fe, Indicated resources are 31.2 million tonnes at 51.5% Fe and Inferred resources are 63.0 million tonnes at 52.0% Fe. The NI-43-101 Technical Report is available at www.ferrumamericas.com.
Ferrum is also evaluating other iron ore and base and precious metals opportunities within Bolivia and throughout the Americas.
Highlights: Assay results from the first four drillholes continue... READ MORE
385 g/t Au Over 2.1 Metres 45.5 g/t Au over 4.1 Metres Osi... READ MORE
Amarillo Gold Corporation (TSX-V: AGC) (OTCQB: AGCBF), through i... READ MORE
New Found Gold Corp. (TSX-V: NFG) (OTC: NFGFF) is pleased to a... READ MORE
KEY HIGHLIGHTS Nickel-copper continuity confirmed along 350-meter... READ MORE