TORONTO, May 26, 2011 /CNW/ - Zaruma Resources Inc., (TSXV:ZMR.H), (the
"Company" or "Zaruma") announced that it has received conditional approval
from the TSX Venture Exchange to raise up to C$250,000 in a Private Placement
of up to 3,703,704 million units comprising one common share and one warrant
entitling the holder to acquire an additional common share of the Company for
C$0.135 for a period of one year from the date of subscription. The units are
priced at C$0.0675 with the proceeds to be used for the Company's cash
requirements leading up to the release from escrow of the previously announced
equity and debt financing to complete the Luz del Cobre Copper Project.
§ The previously reported financing for the Luz del Cobre Copper Project
includes the US$25 million equity and $30 million debt financing closed in
escrow on May 20, and is conditional on both financings being completed
concurrently, along with the settlement of the debt outstanding to certain
secured creditors. Settlement documents to achieve this goal have been filed
in escrow and are currently being processed. An additional condition to the
release of funds from escrow is the Final Approval of the TSXV for the listing
of the Company as a Tier 1 Mining Issuer. TSXV has granted Conditional
Approval to the listing, with Final Approval to depend on the completion of
the debt and equity financing and other requirements.
§ Zaruma is currently listed on the NEX Board of the TSX Venture Exchange,
(symbol ZMR.H) and the Frankfurt Stock Exchange, (symbol: ZMR). Common shares
§ This News Release contains forward-looking statements which are typically
preceded by, followed by or including the words "believes", "expects",
"anticipates", "estimates", "intends", "plans" or similar expressions.
Forward-looking statements are not guarantees of future performance as they
involve risks, uncertainties and assumptions, including securing additional
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“Es hört doch nur jeder, was er versteht.”