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Rocmec Mining Provides Update on MOU and Convertible Debenture
Rocmec Mining Inc. (TSXV:RMI) provided a corporate update following the signing of the Memorandum of Understanding with Nippon Dragon Resources. The Company has also completed a convertible debenture totaling $255,000 with Nippon Dragon.
As quoted in the press release:
With regards to the reverse takeover (RTO), significant advancements have been made, one of which is the completion of the due diligence initiated by Nippon Dragon. Regulatory authorities are still working to complete the required inquiries pertaining to the approval of personal 2A forms submitted by Nippon Dragon and the demonstration of the value of the Pershing property to be included in the reverse takeover.
The Corporation also announces that it has just completed a private placement in the form of a convertible debenture totaling $255,000 with the same investor of the private placement announced on May 27th, 2013, being Nippon Dragon.
The convertible debenture has a term of five (5) years, maturing on October 1st, 2018 and the conversion terms are subject to the highest rate of following two possibilities:
-The market price, as defined as the total value of the shares traded over the first five trading days following the resumption of trading divided by the total volume over this same period; or
– $0.05 per share following the resumption date of trading within the first year following the issuance of the debenture, and $0.10 over the remaining period through to the maturity date of the debenture.
Click here to read the Rocmec Mining Inc. (TSXV:RMI) press release
Click here to see the Rocmec Mining Inc. (TSXV:RMI) profile.
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