Centurion Announces Closing of Debt Financing
VANCOUVER, BC / ACCESSWIRE / October 25, 2016 / Centurion Minerals Ltd. (TSXV: CTN) ("Centurion", or the "Company") announces it has closed a one-year loan financing for $180,000 from arms' length parties. Proceeds from this financing shall be used to assist the Company in commencing the Ana Sofia, Argentina, agri-gypsum pilot plant operation and for general corporate purposes. The pilot plant will test the efficiency of contract mining and marketable agri-gypsum materials.
In consideration for the loan, the Company has agreed to issue, an aggregate of up to 514,285 bonus common shares, at a deemed price of $0.07 per share and pay interest of 1.5% per month. The loan can be paid off at any time with no penalty to the Company. Finders fees of $12,000 are to be paid on this transaction. The shares are subject to a four-month hold period expiring in February, 2016.
The Ana Sofia project comprises two mining concessions totaling 50 hectares (ha) in size within a larger (approximately 500 ha) exploration permit area. Trenching and test pit sampling work completed by joint venture partner Demetra Minerals Inc. and Centurion identified multiple, high grade, near surface gypsum layers. Small scale producers located in the vicinity are currently extracting agricultural gypsum and selling to fertilizer distributors and farmers. Agricultural gypsum is a valuable plant nutrient and plays a vital role in maintaining soil structure and nutrient balance in South American soils, allowing greater crop yields.
ABOUT CENTURION
Centurion Minerals Ltd. is a Canadian-based company with an international focus on the exploration and development of agri-mineral and precious mineral projects.
On Behalf of the Board,
"David G. Tafel"
President and CEO
For Further Information:
David Tafel
Director
604-683-1991
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.
This news release may contain forward looking statements concerning future operations of Centurion Minerals Ltd. (the "Company"). All forward looking statements concerning the Company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.
SOURCE: Centurion Minerals Ltd.
