Century Mining agreement for Poderosa
2006-11-15 16:35 ET - Property Agreement
The TSX Venture Exchange has accepted for filing documentation in connection with a letter agreement dated Oct. 12, 2006, between four shareholders of Compania Minera Poderosa SA and Century Mining Corp. whereby Century has acquired i) approximately 39,696,406 shares of CMPSA; and ii) a total of $5,580,739.36 (U.S.) in related debt. CMPSA owns mineral rights to the Poderosa mine that is located in the province of Pataz, department of La Libertad, Peru. The shares of CMPSA will be acquired at a purchase price of $1.15 (U.S.) per share, and in payment thereof, the company will issue to each vendor a debenture in the principal amount of the purchase price payable to each vendor. The company will acquire the related debt from each vendor for cash. The debentures will have a term of 12 months and will bear interest at the rate of 5 per cent per year, payable quarterly. At any time within nine months after the issuance of the debentures, a vendor may elect to convert up to 40 per cent of the principal amount into common shares at a price of 90 Canadian cents per share. The debentures will be issued as follows:
Monica Arias Vargas De Ucelli: $13,693,993 (U.S.)
Veronica Rocio Arias Vargas De Gamero: $13,628,721 (U.S.)
White Peak Resources Inc. (Ms. De Ucelli and Ms. De Gamero): $11,114,736 (U.S.)
Koriarias Inc. (Alberto Arias Davila): $7,183,416 (U.S.)
tanoose..............one shoe drops??......so maybe it begins?? |
