Cyprium Mining Announces $500,000 Non-brokered Private Placement

Cyprium Mining Corp. (TSXV:CUG) announced plans to raise up to $500,000 by completing a non-brokered private placement of common shares priced at $0.11 each.
Alain Lambert, chairman and CEO of Cyprium, commented:

Following our announcement on the proposed joint venture for the exploitation and exploration of the Potosi silver mine located in the historic silver rich mining district of Santa Eulalia in Mexico, we were approached by investors wanting to participate in our future growth by way of equity. We had originally planned to finance this transaction solely from the proceeds of the previously announced non-dilutive placement of bonds of Cyprium in the aggregate amount of US$4,500,000. We view the investors’ interest, especially in today’s market environment, as a strong show of confidence for the Company and we have decided to proceed with this equity financing.

The press release also states:

Cyprium anticipates that the second tranche of the bond financing for an amount of US$2 million will close by the end of October 2015. The bonds will bear interest at a rate of 12.5% per annum, calculated and payable quarterly in arrears.

Click here to read the full Cyprium Mining Corp. (TSXV:CUG) press release.