Debenture Financing Inca One arranges $325,000 debenture offering
Ticker Symbol: C:IO
Inca One arranges $325,000 debenture offering
Inca One Resources Corp (C:IO)
Shares Issued 63,574,674
Last Close 5/14/2014 $0.155
Friday May 16 2014 - News Release
Mr. Edward Kelly reports
INCA ONE ANNOUNCES $325,000 CONVERTIBLE DEBENTURE FINANCING
Inca One Resources Corp. has arranged a non-brokered private placement of debentures in the amount of $325,000.
The Debentures will bear interest at a rate of 10% per annum, calculated and paid quarterly in arrears. During the first year of the term of the Debentures, 25% of the principal may, at the option of the holder, be converted into common shares of the Company at a price of $0.125 per common share.
The Debentures are redeemable by the Company at any time following three years after closing of the Debenture Financing. The Debentures will be secured by a security interest in all of the Company's present and after acquired property pursuant to a security agreement.
A finder's fee of 4% of the gross proceeds received from the sale of the Debenture will be payable in cash. Closing of the Debenture Financing is subject to the execution of definitive transaction documents and the approval of the TSX Venture Exchange.
The Company also announces that it has cancelled 325,000 stock options granted in April, 2014.
Inca One is continuing its efforts to secure additional non-dilutive funding to increase capacity at the Chala plant to achieve the Company's goal of 100 tons per day. Further updates will be provided to shareholders once these efforts are finalized.
About Inca One Resources Corp
Inca One is a Canadian-based mineral resource company and ore processing company with a gold milling facility in Peru, servicing government-permitted small-scale miners. A highly mineral-rich country, Peru is one of the world's top producers of gold, silver, copper and zinc, with substantial production coming from small scale miners who need government permitted milling facilities to process their ore (such as the Company's Chala mill). On behalf of the Board, INCA ONE RESOURCES CORP. Edward Kelly President & CEO