Mr. Ampere Chan reports

ORACLE MINING CLOSES LOAN FACILITY

Oracle Mining Corp. has closed a secured convertible loan facility for an aggregate minimum principal amount of $6.7-million (U.S.) and a warrant for up to $20-million (Canadian) with Vincere Resource Holdings LLC. Vincere is a private entity, specializing in investing in late-stage mining projects that can be taken into production within 18 months.

The loan is convertible into shares of the corporation as further described in the Dec. 8, 2014, news release entitled "Oracle Mining signs indicative term sheet for minimum $6.5-million (U.S.) and maximum $7.5-million (U.S.) secured convertible loan and up $20-million (Canadian) future project financing." The loan will mature on Dec. 17, 2015, though it may be extended for up to six months at Vincere's option.

The corporation's Arizona subsidiary, Oracle Ridge Mining LLC (Subco), has issued to Vincere a warrant to acquire up to 66.7 per cent of the issued and outstanding equity interests of Subco for up to $20-million (Canadian). Only up to $5-million (Canadian) of the warrant for up to 49 per cent of the issued and outstanding equity interests of Subco will initially be exercisable. The partial warrant will become exercisable upon the earlier of Feb. 15, 2015, and the date of the special meeting (as defined herein), while the warrant will be exercisable upon receipt of shareholder approval, by way of a special resolution, at a special meeting to be convened by the corporation as soon as reasonably practicable, and no later than Feb. 15, 2015. For additional clarity, once shareholder approval is obtained for the warrant, the partial warrant will expire and no longer be exercisable. The partial warrant and the warrant may be exercised in whole or in part, and in one or more closings, and will expire on the later of Dec. 17, 2015, and the date all amounts under the loan have been either repaid or converted in accordance with the terms of the loan.

Oracle Mining intends to use the net proceeds from the loan toward financing the completion of the technical work necessary to prepare the Oracle Ridge copper project, located 24 kilometres northeast of Tucson, Ariz., for construction, including permitting, for partial elimination of indebtedness with Rich Stone Mining Investment (Hong Kong) Ltd., and for working capital and general corporate purposes. The budget will be agreed upon by the corporation and Vincere. Oracle Mining intends to use the net proceeds from the exercise of the warrant or partial warrant to finance further development of the project and potentially construction, should a production decision be made at such time.

In accordance with the rules of the Toronto Stock Exchange, Oracle Mining obtained written consent of a simple majority of its shareholders (other than Rich Stone) to the conversion feature of the loan and the conversion of indebtedness of the corporation to Rich Stone as described in the announcement release. For further information about the loan, please see the announcement release.

Board appointment

Oracle Mining is pleased to announce that, in connection with the closing, Christophe Bernard has been appointed a director by the board of directors. Mr. Bernard is co-president of Vincere Resource Group LLC. He started his professional career as an engineer in the energy sector before gaining extensive experience in structured and project finance. Mr. Bernard has spent more than 16 years, providing capital for the construction of projects in the infrastructure, power and mining sectors, most notably at BNP Paribas in New York, where he served in various positions, including co-head of the metals and mining structured debt group for the Americas until late 2011. Mr. Bernard has an MSc in industrial engineering from Arts & Metiers ParisTech, Paris, France, obtained an MBA in finance from Cox School of Business, Dallas, Tex., and is a CFA charter holder.

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