TORONTO, Oct. 12, 2012 /CNW/ - Mukuba Resources Limited (TSX-V:MKU) ("Mukuba" or the "Company") is pleased to announce that it has exercised its right to redeem its 10% convertible debentures due April 17, 2013 (the "Debentures") in accordance with the terms of the Debentures for a redemption price of 100% of the $443,000 principal amount plus accrued interest (the "Debenture Redemption"). $50,000 of the redemption price was paid in cash and the remainder (including accrued interest) was paid by issuing common shares valued at $0.114 per share, in accordance with the terms of the Debentures. As a result, the Company has issued to the holders of such Debentures an aggregate total of 3,608,132 common shares in connection with the Debenture Redemption, subject to final acceptance by the Exchange.
About the Company
Mukuba is a Canadian mining company focused on the exploration and development of certain African base metal assets alone and through a joint venture partner. These assets include a 100% interest in the Northcore Project, which is licensed for both copper and cobalt and encompasses approximately 2,265 square km of geologically prospective ground in the Central African Copperbelt region of Zambia. Mukuba is also a party to a joint venture with Benzu Resources Limited to explore and develop a copper and base metals project in the Democratic Republic of the Congo.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Securities regulators encourage companies to disclose forward-looking information to help investors understand a company's future prospects. This press release contains statements about our future business and planned activities, including matters relating to the Debenture Redemption. These are "forward-looking" because we have used what we know and expect today to make a statement about the future. Forward-looking statements usually include words such as may, intend, plan, expect, anticipate, believe or other similar words. We believe the expectations reflected in these forward-looking statements are reasonable. However, actual events and results could be substantially different because of the risks and uncertainties associated with our business or events that happen after the date of this press release. You should not place undue reliance on forward-looking statements. As a general policy, we do not update forward-looking statements except as required by securities laws and regulations.
SOURCE: Mukuba Resources Limited
For further information:
Kelly Ehler, President and CEO
TEL: +1 (416) 368 4013
FAX: +1 (416) 603 9200
Email: [email protected]