MONTREAL, July 18, 2016 /CNW Telbec/ – Cyprium Mining Corporation (TSXV: CUG) (“Cyprium” or the “Company“) is pleased to provide an update on recent financing activities totaling $1,271,810. These financing activities consisted in the successful completion of a private placement of $232,310 and the extension of the maturity date of various loans totaling US $813,750 (the “Loan Extensions“).
Cyprium has completed its previously announced private placement of up to 3,000,000 units (the “Units“) at a price of $0.065 per Unit for gross proceeds of up to $195,000 (the “Offering“). Each Unit is comprised of one common share in the capital of the Corporation (“Common Share“) and one share purchase warrant of the Corporation (“Warrant“). Each Warrant will be exercisable into one Common Share at an exercise price of $0.10 expiring two years from the date of issuance. The Company also issued 466,375 units at a price of $0.08 per unit for gross proceeds of $37,310 (the “Additional Units“). Each Additional Unit is comprised of one Common Share and one share purchase warrant of the Corporation, with each warrant being exercisable into one Common Share at an exercise price of $0.105 expiring two years from the date of issuance. The net proceeds from the Offering will be used to fund the continued activities at the Potosi nine located in Northern Mexico.