News out - When's the officiall name change to Ferrometals ? Cancana holder Ferrometals increases holdings to 45.7%
2014-06-19 18:22 ET - News Release
Mr. Anthony Julien of Ferrometals reports
FERROMETALS CONVERTS DEBENTURE OF CANCANA RESOURCES CORP.
Ferrometals BV has converted a convertible secured debenture in a principal aggregate amount of $4.15-million (U.S.)(as well as accrued interest thereon) issued by Cancana Resources Corp. into 23,097,641 common shares of Cancana, representing approximately 28.6 per cent of the outstanding Cancana shares.
Ferrometals has ownership and control over 36,955,297 Cancana shares (including the 23,097,641 Cancana shares reported above), representing approximately 45.7 per cent of the outstanding Cancana shares, and the right to acquire 13,857,656 Cancana shares through 13,857,656 common share purchase warrants of Cancana. Each Cancana warrant entitles the holder thereof to acquire a Cancana share at a price of 25 cents. The Cancana warrants are exercisable until April 23, 2016.
Assuming the full exercise of the 13,857,656 Cancana warrants, Ferrometals would acquire ownership and control over a maximum of 50,812,953 Cancana shares (including the 36,955,297 Cancana shares over which Ferrometals currently has ownership and control). These combined holdings would represent approximately 53.6 per cent of the outstanding Cancana shares, calculated on a partially diluted basis assuming the full exercise of the 13,857,656 Cancana warrants only.
Ferrometals acquired the 23,097,641 Cancana shares for investment purposes.