Iberian Minerals (TSXV:IML) has announced a non-brokered private placement of convertible debentures. The placement will be in the principal amount of C$350,000, with the debentures maturing on July 31 2015 and bearing interest at the rate of 15 percent per annum.
As quoted in the press release:
The debenture holders shall be entitled to convert the principal amount into common shares at a conversion price as follows: (i) if the Company completes a public financing, the conversion price will be equal to the public financing price; and (ii) if the Company does not complete a public financing, the holder may convert following the expiry of the resale restriction period with a conversion price equal to the last closing price of the common shares on the TSX Venture Exchange before the expiry of the resale restriction period.
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