Iberian Minerals Announces Closing of Non-Convertible Secured Debenture

Iberian Minerals Ltd. (TSXV:IML) has amended the terms of its previously announced private placement offering of debentures. The debentures are now non-convertible. All other terms of the private placement remain the same.

As quoted in the press release:

The Company also announced the closing of the non-convertible secured debentures in the principal amount of $350,000, subject to final approval of the TSX Venture Exchange. The debentures mature on January 31, 2015 and bear interest at the rate of 15% per annum. The Company can redeem the debentures at any time upon ten days prior written notice. The payment of the debentures is secured by a security interest granted by the Company in respect of all present and after-acquired personal property of the Company, excluding the shares held of its foreign subsidiaries.

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