Ferrometals converts debenture of Cancana Resources Corp.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES AND NOT FOR DISSEMINATION IN THE UNITED STATES
MONTREAL, June 19, 2014 /CNW Telbec/ - Ferrometals BV ("Ferrometals") announces that it has converted a convertible secured debenture (the "Debenture") in a principal aggregate amount of US$4.15 million (as well as accrued interest thereon) issued by Cancana Resources Corp. ("Cancana") into 23,097,641 common shares of Cancana ("Cancana Shares"), representing approximately 28.6% of the outstanding Cancana Shares.
Ferrometals has ownership and control over 36,955,297 Cancana Shares (including the 23,097,641 Cancana Shares reported above) (representing approximately 45.7% of the outstanding Cancana Shares), and the right to acquire 13,857,656 Cancana Shares through 13,857,656 common share purchase warrants of Cancana ("Cancana Warrants"). Each Cancana Warrant entitles the holder thereof to acquire a Cancana Share at a price of $0.25 per share. The Cancana Warrants are exercisable until April 23, 2016.
Assuming the full exercise of the 13,857,656 Cancana Warrants, Ferrometals would acquire ownership and control over a maximum of 50,812,953 Cancana Shares (including the 36,955,297 Cancana Shares over which Ferrometals currently has ownership and control). These combined holdings would represent approximately 53.6% of the outstanding Cancana Shares, calculated on a partially diluted basis assuming the full exercise of the 13,857,656 Cancana Warrants only.
Ferrometals acquired the 23,097,641 Cancana Shares for investment purposes.
SOURCE Ferrometals BVFor further information: For further information or to obtain a copy of the Early Warning Report filed by Ferrometals, please contact Anthony Julien at +61 447 573 071.