MONTREAL, QUEBEC--(Marketwired - Sept. 19, 2014) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Cyprium Mining Corporation (TSX VENTURE:CUG) ("Cyprium" or the "Corporation") is pleased to announce that it has completed the second and final closing of its previously announced private placement and have issued 557,100 units (the "Units") at a price of $0.14 per Unit for gross proceeds of $77,994 (the "Offering"). Each Unit is comprised of one (1) common share in the capital of the Corporation ("Common Share") and one (1) share purchase warrant of the Corporation ("Warrant"). Each Warrant is exercisable into one Common Share at an exercise price of $0.28 expiring on September 18, 2016. In total, pursuant to the Offering, the Corporation issued 5,440,171 Units for gross proceeds of $761,623.93.
In connection with the second closing of the Offering, Cyprium paid $1,680 in commissions and issued 12,000 non-transferable warrants to purchase Units (the "Broker Warrants") to arm's length eligible third parties. Each Broker Warrant entitles the holder to purchase one Unit at $0.14 per Unit for a period of eighteen months from the closing of the Offering. Pursuant to applicable securities laws, the Broker Warrants and the securities underlying the Broker Warrants issued pursuant to the second closing will be subject to a four month hold period expiring on January 19, 2015. In total, pursuant to the Offering, the Corporation paid $24,532 in commissions and issued 175,229 Broker Warrants.
The net proceeds made available through the sale of the Units will be used by the Corporation to pay for the costs of the Offering, development of the Corporation's Las Cristinas mining project in Mexico including the drilling program described in the Corporation's June 19, 2014 news release, for working capital and general corporate purposes.
The Offering is subject to the final approval of the TSX Venture Exchange. Pursuant to applicable securities laws, all securities issued pursuant to the second closing of the Offering are subject to a statutory hold period of four months following the closing of the Offering expiring on January 19, 2015.
About Cyprium
Cyprium Mining Corporation is a mining exploration company listed on the TSX Venture Exchange under the symbol "CUG". Cyprium is a mineral exploration company which targets the acquisition and generation of mining projects located solely in Northern Mexico that have a potential for profitable precious and base metal open pit and underground production. The Corporation's main project is the Las Cristinas copper/silver project located in Chihuahua State, Mexico. Cyprium owns 51% of Coyame Copper SA de CV ("Coyame Copper"), a Chihuahua, Mexico based mining exploration company and has an option to increase its stake in Coyame Copper to 70% for a consideration of US $1.2 million payable over a period of eighteen months following the exercise of the option. Coyame Copper's Las Cristinas Project consist of four adjacent exploration concessions (Las Cristinas, La Parrita, La Verde and La Lagrimosa) covering 684 hectares. Coyame Copper also owns production assets located outside the town of Coyame, Mexico.
Neither TSX Venture nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
The securities of Cyprium being offered have not been, nor will be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties, including without limitation, statements pertaining to the closing of the Offering including Cyprium's ability to obtain necessary approvals from the TSX Venture Exchange. Actual results may differ materially. Cyprium will not update these forward-looking statements to reflect events or circumstances after the date hereof. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Cyprium. |