06:39:05 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Marengo Mining Ltd (2)
Symbol MRN
Shares Issued 1,137,870,521
Close 2014-12-22 C$ 0.01
Market Cap C$ 11,378,705
Recent Sedar Documents

Marengo investor buys $7.5M (U.S.) company debenture

2014-12-22 19:01 ET - News Release

Ms. Sue Bjuro reports

SENTIENT IV ACQUIRES CONVERTIBLE DEBENTURE OF MARENGO MINING LIMITED

Sentient Executive GP IV Ltd. has acquired control over a convertible unsecured debenture in a principal aggregate amount of $7.5-million (U.S.) issued by Marengo Mining Ltd. The debenture matures on June 30, 2017, and bears interest at a rate of 9 per cent per annum. The principal amount of the debenture, as well as accrued interest thereon, is convertible into fully paid and non-assessable common shares of Marengo at a conversion price of one cent per share.

Sentient IV has control or direction over 29,334,000 common shares (representing approximately 2.58 per cent of the outstanding common shares), convertible unsecured debentures in a principal aggregate amount of $38,426,130 (U.S.) and the debenture. The first debenture also bears interest at a rate of 9 per cent per annum, and the principal amount thereof, as well as accrued interest thereon, is also convertible into fully paid and non-assessable common shares at a conversion price of one cent per share. The first debenture matures on June 30, 2016. Assuming the conversion in full of the principal amount of and interest on the debenture and the first debenture, Sentient IV would acquire control over a maximum of 6,033,577,120 common shares (including the 29,334,000 common shares referred to herein). These combined holdings would represent approximately 84.48 per cent of the outstanding common shares, calculated on a partially diluted basis assuming the full conversion of the debenture and the first debenture only.

Sentient IV acquired the debenture for investment purposes only and not with a view to materially affecting control of Marengo.

Sentient IV relied upon Section 2.3 of National Instrument 45-106 (prospectus and registration exemptions) for the purchase of the debenture as Sentient IV is an accredited investor under that instrument.

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