Peruvian Precious Metals Corp. Announces Completion of Shares for Debt Settlement and Repurchase of NSR
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NEWS RELEASE TSX.V PPX; BVL PPX
Peruvian Precious Metals Corp. Announces Completion of Shares for Debt Settlement and Repurchase of NSR
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
Vancouver, British Columbia – August 27, 2014 – Peruvian Precious Metals Corp. (the "Company" or “Peruvian”), is pleased to announce that it has today completed a previously announced debt settlement to a creditor. In consideration for settlement of a total debt of $185,000 owing to the creditor by the Company, the Company issued to the creditors 2,846,154 common shares of the Company at a deemed price of $0.065 per share. The shares are subject to a four month hold period.
The Company is also pleased to announce that it has today completed the previously announced repurchase of two net smelter returns royalty interests ("NSRs"). In consideration for repurchase of the NSRs the Company issued a total 4,259,200 common shares of the Company at a deemed price of $0.075 per share to two arms-length parties. The shares are subject to a four month hold period.
Kimberly Ann Arntson, Peruvian’s Chief Financial Officer and Vice President – Corporate Development, commented: “Closing our second share for debt settlement continues the Company’s program of cleaning it’s balance sheet and preparing the Company financially to move forward with its Igor project. The Company will continue to advance its Igor project in northern Peru and evaluate potential future development and exploration scenarios including bulk underground sampling. We are currently evaluating and negotiating with potential underground mining contractors for bulk sampling, designing a metallurgical testing program including milling options for bulk samples, planning for future surface exploration, including drilling, and evaluating potential acquisitions that can grow the company in the future."
Brian J. Maher, President and CEO further commented: “Although these NSRs were modest, eliminating them now, at modest cost with no cash outlay, enhances the Igor Project. Igor is now completely free of any royalty and we are evaluating the next steps for advancing the project.”
On behalf of the Board of Directors Brian J. Maher President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Peruvian Precious Metals Corp.
Kimberly Ann Arntson, CFO, Vice President - Corporate Development
Phone: 1-530-414-4400 Email: [email protected] Website: www.peruvianpmc.com
Cautionary Statement:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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