#CYPRIUMMINING
@CypriumMining (#TSX: $CUG.V) CALLS
SPECIAL DEBENTURE HOLDERS MEETING FOR SEPTEMBER 21ST, 2016
Montreal,
Quebec - August 31, 2016 - (Investorideas Newswire) Cyprium Mining Corporation
(“Cyprium” or the “Company”) (TSX-V: CUG) is pleased to announce that it has called a special meeting of certain debenture holders
for September 21st, 2016 (the “Meeting”). The Corporation was authorized
under a debenture indenture dated February 28, 2014 (the "Indenture")
to issue up to $750,000 in principal amount of unsecured, non-convertible
debentures bearing interest at 12% per annum and maturing on February 28th,
2017 (the “Debentures”). A total of $750,000 in principal amount of Debentures
were issued and outstanding as at the close of business on August 22, 2016 (the
“Record Date”). The Debentures are entitled to be voted at the Meeting on the
basis of one vote for each one dollar of principal amount of each Debenture and
the holders of Debentures of record at the close on the Record Date, are
entitled to vote such Debentures at the Meeting.
To
the knowledge of the board of directors of the Corporation, the only matters to
be placed before the Meeting are the matters set forth in a notice of meeting
and information circular to be mailed to the Debenture holders to: (i)
authorize CST Trust Company, as debenture trustee, to grant an extension of
time for payment of principal on the Debentures from February 28th, 2017 to
February 28th, 2019, (ii) amend the Indenture to allow past due and future
interest to be payable through the issuance of common shares in the capital of
the Corporation (the "Common Shares"), (iii) amend the Indenture to
allow for conversion of the principal amount and any accrued and unpaid
interest of the Debentures into Common Shares, the option of the holder, at a
price per Common Share equal to $0.10 before February 28th, 2017 and $0.15
thereafter; (iv) approve the delisting of the Debentures from the TSX Venture
Exchange; and (v) waive any past
defaults, and direct the debenture trustee to waive any past defaults, on the
part of the Corporation in complying with any and all provisions of the
Indenture.
Alain
Lambert, Chairman and CEO of Cyprium commented: “Following our successful
conversion of $118,000 of secured debt into non-secured convertible debt in
April and the extension of USD$813,750 in loans in June, we were approached by
several holders of the Debentures expressing an interest in extending the
maturity date and rendering the Debentures convertible. It is on that basis
that we have called a special Debenture holder meeting for them to consider the
matters brought forth at the meeting. We are closely evaluating similar
requests from other lenders.”
The
Indenture provides that one or more Debenture holders present in person or
represented by proxy and owning or representing at least 25% of the principal
amount of the Debentures then outstanding represent in person or by proxy and
passed by the favourable votes of the holders of not less than 66⅔% of the principal amount of the
outstanding Debentures present or represented by proxy at the meeting and voted
upon on a poll on such resolution.
About
Cyprium Mining Corporation
For
further information, please contact:
Phone: + 1 514 219 7988 or + 52 1 614 253
5803
Ron
Keenan, C.O.O.
Phone + 1 514 915 3836
800 René
Lévesque West Paseo
Bolivar 303
Suite 425 Centro
Historico
H3B 1X9, Canada TSX-V: CUG and CUG.DB Mexico
Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
This news release contains
"forward-looking information" (within the meaning of applicable
Canadian securities laws) and "forward -looking statements" (within
the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such
statements or information are identified with words such as
"anticipate", "believe", "expect",
"plan", "intend", "potential",
"estimate", "propose", "project", "outlook", "foresee" or similar words
suggesting future outcomes or statements regarding an outlook. Such statements
include, among others, those concerning the Company’s anticipated plans for
developments of the Company and its mining projects”.
Such forward-looking
information or statements are based on a number of risks, uncertainties and
assumptions which may cause actual results or other expectations to differ
materially from those anticipated and which may prove to be incorrect.
Assumptions have been made regarding, among other things, management's
expectations regarding future growth, plans for and completion of projects by
Company’s third party relationships, availability of capital, and the necessity
to incur capital and other expenditures. Actual results could differ materially
due to a number of factors, including, without limitation, operational risks in
the completion of Company’s anticipated projects, delays or changes in plans
with respect to the development of Company’s anticipated projects by Company’s
third party relationships, risks affecting the ability to develop projects,
risks inherent in operating in foreign jurisdictions, the ability to attract
key personnel, and the inability to raise additional capital. No assurances can
be given that the efforts by the Company will be successful. Additional
assumptions and risks are set out in detail in the Company’s MD&A,
available on SEDAR at www.sedar.com.
Although the Company
believes that the expectations reflected in the forward-looking information or
statements are reasonable, prospective investors in the Company's securities
should not place undue reliance on forward-looking statements because the Company
can provide no assurance that such expectations will prove to be correct.
Forward-looking information and statements contained in this news release are
as of the date of this news release and the Company assumes no obligation to
update or revise this forward-looking information and statements except as
required by law. Investors should note that the Potosi silver mine and La
Chinche property have no established mineral resources or mineral reserves as
defined by NI 43-101. Although Cyprium Mining has made a production decision
regarding the Potosi silver mine based on historical production records and
results from recent sampling, a feasibility study of its projects has not been
completed and there is no certainty that the proposed operations will be economically
or technically viable.
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2016
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