Ecuador Gold Increases New Debenture Offering, Now Offering up to US$1,250,000
27.06.2016 | Accesswire
VANCOUVER, June 27, 2016 - Ecuador Gold & Copper Corp. (TSXV: EGX) (the "Company"), wishes to announce that further to its news release dated June 10, 2016, it is increasing its new debenture offering (the "Debenture Offering") from the previously announced US$900,000 to raise aggregate gross proceeds now of up to US$1,250,000 through the issuance of senior secured convertible debentures and other unsecured convertible debentures (collectively, the "Debentures").Each Debenture shall bear interest of 12% per annum with the principal amount and interest due and payable on December 31, 2016 (the "Maturity Date") unless converted into units (the "Units") of the Company at a price of C$0.40 per Unit by the Maturity Date. Each Unit will be comprised of one common share and one-half common share purchase warrant (each whole warrant a "Warrant") of the Company. Each Warrant entitles the investor to acquire one additional common share of the Company at an exercise price of C$0.40 per share for 24 months following the date of issuance.
The proceeds of the Debenture Offering will be used for the Company's Condor Gold Project, in-country working capital in Ecuador, and as additional working capital of the Company. The Debenture Offering is subject to approval of the TSX Venture Exchange and all securities issued under the Debenture Offering will be subject to a statutory four-month hold period from the date of issuance. No finders fees will be paid in connection with the Debenture Offering.
About Ecuador Gold and Copper Corp.
Ecuador Gold and Copper Corp. is a Canadian exploration and mining company focused on its gold and copper mineral properties located in the Province of Zamora-Chinchipe in southern Ecuador. The Company has completed a Preliminary Economic Assessment of its Santa Barbara Gold and Copper Project dated May 29, 2015, and is currently listed on the TSX Venture Exchange under the symbol "EGX". For additional information, please visit us at www.ecuadorgoldandcopper.com.
For further information please contact:
Ecuador Gold and Copper Corp.
Heye Daun, President, Chief Executive Officer and Director
Telephone: +1-604-687 2038 (Vancouver Office)
Email: hdaun@ecuadorgoldandcopper.com
Cautionary Note: 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.
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