LAS VEGAS--(BUSINESS WIRE)--Amarium Technologies Inc. (PINKSHEETS: AMMG) announces that the company has completed a US$3.2 Million private placement of an unsecured convertible debenture with Westin Korrin Capital Investment Inc., a Hong Kong based investment bank. The debenture, which matures after 5 years, bears an annual interest rate of 6.5% and can be converted into common stock at a price of US$0.30 per unit after 24 months.
“Now that we have finalized the convertible debt offering at terms we feel are favorable to the existing shareholders, we can confidently proceed with our development plans over the next 24 months.”
“With our exploration program about to begin, and the expansion of the Jovita mill staged to kick-off before the end of the year, it is important that the Company secures additional investment capital,” said Adam Carter, the President & CEO of Amarium. “Now that we have finalized the convertible debt offering at terms we feel are favorable to the existing shareholders, we can confidently proceed with our development plans over the next 24 months.”
Amarium intends to use the proceeds from the debenture to fast track their expansion program of the Jovita flotation mill to 1000 tons per day. Amarium previously announced the Company had signed a US$8.75 million Copper Streaming agreement with Anglo-Asia Resource Partners. Anglo-Asia is a Hong Kong based partnership that procures precious and base metals for the Asian marketplace.
Amarium is focused on the acquisition and development of base metals projects in Mexico that are currently in or near production and advanced exploration properties that will add substantially to the Company's asset foundation. Management is continuing to actively pursue mineral interests that represent significant growth, value and cash flow opportunities.
For additional information, please visit: www.amariumminerals.com
This press release contains statements that are forward-looking and which involve a number of risks and uncertainties. Such forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements in question are based on Amarium Technologies, Inc.'s current expectations and projections about future events, based on information currently available. The forward-looking statements found in this press release may also include statements relating to Amarium Technologies, Inc.'s anticipated financial performance, business prospects, new developments, strategies, and similar matters. Amarium Technologies, Inc. provides no assurance regarding the actual outcome of the events contemplated by any forward-looking statements included in this release. Amarium Technologies, Inc. disclaims any obligation to update any of its forward-looking statements, except as may be required by law.