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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.
Click here to read the Iberian Minerals (TSXV:IML) press release