Ferrometals Converts Debenture of Cancana Resources Corp.
2014年6月21日 - 8:27AM
Marketwired
Ferrometals Converts Debenture of Cancana Resources Corp.
TORONTO, ONTARIO--(Marketwired - Jun 20, 2014) - Cancana
Resources Corp. (TSX-VENTURE:CNY) (the "Company" or "Cancana") the
Company announces that 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 27 cents or 34 cents, dependent on the issue. The Cancana
warrants are exercisable until February 24, 2016 or March 6, 2016
dependent on the issue.
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.
About
Cancana
Cancana is an exploration stage company that has transitioned
into production with assets in Brazil and Canada. The Company has
been seeking projects that expand its resource base and provide for
near term production and revenue. All available resource reports
and information on the Company's properties are located on the
Company website: www.cancanacorp.com
Issued on behalf of the Board of Directors of Cancana Resources
Corp.
William Pfaffenberger, Chairman of the Board
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this press release. This press release contains forward-looking
information under Canadian securities legislation. forward-looking
information includes, but is not limited to, statements with
respect to completion of the Financings, the development potential
and timetable of the Rio Madeira project and Cancana's other assets
in Brazil and Canada; Cancana's ability to raise additional funds
necessary; the future price of manganese, the estimation of mineral
reserves and mineral resources; conclusions of economic evaluation;
the realization of mineral reserve estimates; the timing and amount
of estimated future production, development and exploration; costs
of future activities; capital and operating expenditures; success
of exploration activities; mining or processing issues; currency
exchange rates; government regulation of mining operations; and
environmental risks. Generally, forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking statements are based on the opinions and
estimates of management as of the date such statements are made.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Cancana to be
materially different from those expressed or implied by such
forward-looking statements, including but not limited to those
risks described in the annual information form of Cancana and in
its public documents filed on SEDAR from time to time. Although
management of Cancana has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Cancana does not undertake to update any
forward-looking statements, except in accordance with applicable
securities laws.
Cancana Resources Corp.+1 403 269
2065cancana.ir@cancanacorp.comwww.cancanacorp.com
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