IZN formally PPG or PGM minerlas had a big day today: up .15
Iberian Minerals Corp (C-IZN) - News Release
Iberian investor Dundee acquires convertible debenture
2006-07-26 18:54 ET - News Release
Shares issued 115,768,921
IZN Close 2006-07-26 C$ 1.25
Mr. Murray John of Dundee reports
DUNDEE RESOURCES LIMITED ACQUIRES INTEREST IN IBERIAN MINERALS CORP.
Dundee Resources Ltd. has acquired, through a private placement with Iberian Minerals Corp., a five-year convertible subordinated debenture in the principal amount of $25-million. The outstanding principal amount is convertible at the option of Dundee Resources at any time, in whole or in part, into units of Iberian at a conversion price of, from the closing date until July 26, 2009, $1.25 per unit, from July 27, 2009, until July 26, 2010, $1.38 per unit and, from July 27, 2010, until July 26, 2011, $1.52 per unit. Each unit comprises one common share in the capital of Iberian and one-half of a warrant, with each warrant exercisable for one common share at an exercise price of $2.00 for a period of two years after the date of issue of the warrants. Following this transaction, assuming the conversion of all units held, Dundee Resources owns a total of 30 million common shares of Iberian Minerals, representing an approximate 20.51-per-cent interest in Iberian on a partially diluted basis. In addition, associates have control or direction over 500,000 warrants of Iberian, whereby each warrant is exercisable for one common share, representing an approximate 0.34-per-cent interest in the capital of Iberian on a partially diluted basis.
The position in Iberian was acquired by Dundee Resources for investment purposes and may be increased or decreased in the future as considered appropriate in light of investment criteria, market conditions and other factors, and in accordance with the provisions of applicable securities legislation. |
