|
| Home : IEMR Closes Convertible Note Financing With Related Party; Amends Terms of Convertible Note Financing |
|
Jan 04
2012 |
IEMR Closes Convertible Note Financing With Related Party; Amends Terms of Convertible Note Financing |
|
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 3, 2012) - 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. |
|
|
|
| Source:http://www.marketwire.com/mw/release.do?id=1602948&sourceType=3 |
| |
|
Related News
|
» Augustine Ventures Announces Private Placement of 1,075,000 Flow Through Units
» Peyto Exploration & Development Corp. Announces Closing of Private Placement of Senior Notes
|
|
|
