Inca One Gold (IO-V) March 18, '15 wishes to announce that, further to its press release of February 26, 2015, it has closed the previously announced non-brokered private placement of debentures for gross proceeds of USD$1,600,000 including a USD$100,000 over-subscription.
Pursuant to the closing of the Debenture Financing, as previously announced, the Company issued 64 units, with each Unit comprising one non-convertible debenture in the principal amount of USD$25,000, and 25,000 non-transferable warrants. Each Warrant will be exercisable into one common share of the Company at a price of CAD$0.25 until a date that is 12 months from the respective closing date of the Debenture Financing. The holders of the Debentures will be entitled to receive interest at the rate of 14% per annum, calculated and paid quarterly in arrears. The term of the Debentures is 12 months.
A finder's fee of 8% of the gross proceeds of the Debenture Financing will be payable in cash by the Company to SC Strategy Consult AG (the "Finder"). The Company will also issue to the Finder that number of finder's warrants equal to 8% of the proceeds of the Debenture Financing, divided by the exercise price of CAD$0.25 (each a "Finder Warrant"). Each Finder Warrant will be exercisable into one common share of the Company at a price of CAD$0.25 until a date that is 18 months from the closing date of the Debenture Financing.
The net proceeds from the Debenture Financing will be used to fund both future working capital and accretive expansion opportunities.
About Inca One
Inca One is a Canadian-based ore processing company with a gold milling facility in Peru, servicing government-permitted small-scale miners. A highly mineral-rich country, Peru is one of the world's top producers of gold, silver, copper and zinc, with substantial production coming from small scale miners who need government permitted milling facilities to process their ore (such as the Company's Chala Plant).
On behalf of the Board,
Edward Kelly
President & CEO
INCA ONE GOLD CORP.
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