IEMR Closes Convertible Note Financing With Related Party; Amends Terms of Convertible Note Financing
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/03/12 -- IEMR Resources Inc. (TSX VENTURE: IRI) ("IEMR" or the "Company") wishes to announce that further to its press release dated December 22, 2011, the Company has borrowed (the "Financing") the principal sum of US$800,000 (the "Principal") from, and issued an unsecured convertible note (the "Convertible Note") in respect of such indebtedness to, International Energy and Mineral Resources Investment Company Limited (Hong Kong) (the "Lender"). The Convertible Note has a term of two years (the "Maturity Date") from the closing date (the "Closing Date"). At the option of the Lender, the Convertible Note is convertible into common shares of the Company ("Common Shares") at a price of US$0.10 per Common Share (the Company and the Lender increased the conversion price from US$0.07 to US$0.10 per Common Share), in whole or in part, at any time during the term of the Convertible Note. The Convertible Note is to bear interest on the outstanding Principal from the Closing Date to the Maturity Date at a rate of 6% per annum, payable on the earlier of the Maturity Date or the date of conversion of the Principal amount outstanding.
The Company requires the Financing to pay US$800,000 owing to Mosquito Consolidated Gold Mines Limited ("Mosquito") on account of exploration work that Mosquito performed on the Pine Tree Property on behalf of the Company. The Company intends to conduct a private placement in 2012 to repay the Principal.
The Lender is a "Related Party" of the Company pursuant to the TSX Venture Exchange policies, as Mr. Hongxue Fu, President, Chief Executive Officer and a director of the Company, holds a controlling interest in the Lender. As such, the Financing constitutes a "Related Party Transaction" under the policies of the TSX Venture Exchange.
The Financing and the terms of the Convertible Note were unanimously approved by the Board of Directors of the Company, other than Hongxue Fu, who declared his interest in the Financing and abstained from voting with respect to the Financing and the documents and transactions related thereto. The directors eligible to vote with respect to the Financing believe that the terms of the Financing are in accordance with available market rates and is in the best interests of the Company. If the Principal is converted in full, Hongxue Fu and the Lender will increase their collective shareholdings in the Company from 10,371,357 common shares (currently approximately 40.50% of the issued and outstanding common shares) to 18,371,357 common shares (which would represent approximately 54.67% of the issued and outstanding common shares).
The Company is relying on exemptions from the formal valuation and minority approval requirements which are available to the Company.
The securities issued in the Financing are subject to a four month hold period in accordance with applicable Canadian securities laws.
About IEMR Resources Inc.
IEMR is a junior mining company listed on TSX Venture Exchange under the symbol "IRI". The Company is directly tied to and has been formed from capital sources in China and Canada. IEMR is devoted to taking full advantage of its capital by participating in mineral and energy projects ranging from exploration, development, production, processing, smeltering and mineral trade with a long-term view. The Company's emphasis is on the Chinese and Canadian markets utilizing the capital stemming from China and the resources and market of Canada to create a maximum return for shareholders. The Company's investment priorities ranked in order will be copper, chromium, nickel, manganese, uranium, platinum silver, diamonds and molybdenum. Investment and or acquisitions in exploration projects, will be focused in chromium, manganese, uranium and potash. The Company has already formed alliances of cooperation with large smeltering steel, copper, lead, zinc and aluminum companies.
For further information on IEMR, please refer to the Company's profile at or the Company's website at .
On behalf of the Board of Directors of IEMR RESOURCES INC.
Long Wang, Chief Financial Officer
Cautionary Statement Regarding Forward-Looking Statements
Certain statements made and information contained herein may constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities legislation. These statements relate to future events, including a proposed private placement, or the Company's future performance. Often, but not always, forward-looking statements or information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "does not anticipate" or "believes" or variations of such words and phrases or words and phrases that state or indicate that certain actions, events or results "may", "may have", "could", "would", "might" or "will" be taken, occur or be achieved. Although management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that a forward-looking statement or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These statements speak only as of the date of the news release and are expressly qualified, in their entirety, by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
IEMR Resources Inc.
Long Wang
Chief Financial Officer
604-642-6199
604-642-6162 (FAX)
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Datum: 03.01.2012 - 22:22 Uhr
Sprache: Deutsch
News-ID 100782
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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