Canadian Empire Exploration Corp (C-CXP) - NeCanadian Empire Exploration Corp (C-CXP) - News Release
Canadian Empire to raise $175,000 with promisorry note
2006-02-02 14:58 ET - News Release
Shares issued 36,364,366
CXP Close 2006-02-01 C$ 0.165
Mr. John Brock reports
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Canadian Empire Exploration Corp. has arranged, subject to regulatory approval, the private placement of up to a $175,000 principal amount convertible promissory note.
The promissory note is unsecured, bears interest at 6 per cent per year and is due on demand. The principal amount of the note is convertible at the holder's option into common shares of the company, for a maximum of five years, on the basis of one common share for every 16.5 cents of principal amount converted during the first two years and thereafter, the conversion rate increases 10 per cent per year over the previous year's conversion rate.
The company intends to add the proceeds of the placement to its general working capital.
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No dilution
atb,
TH