By Devika Patel
Knoxville, Tenn., Feb. 18 - Mexoro Minerals Ltd. completed a $1 million private placement of 8% secured convertible debentures with Minera Rio Tinto on Feb. 12, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The debenture matures on Dec. 31, 2010. It is convertible into units at $0.60 per unit.
Each unit consists of two common shares and a warrant. Each warrant is exercisable at $0.50 for three years.
Proceeds will be used for exploration and general working capital.
Vancouver, B.C.-based Mexoro is a gold and silver exploration company.
| Issuer: | Mexoro Minerals Ltd.
|
| Issue: | Secured convertible debentures, convertible into units of two common shares and a warrant
|
| Amount: | $1 million
|
| Maturity: | Dec. 31, 2010
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.60
|
| Warrants: | One per unit upon conversion
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.50
|
| Investor: | Minera Rio Tinto
|
| Settlement date: | Feb. 12
|
| Stock symbol: | OTCBB: MXOM
|
| Stock price: | $0.20 at close Feb. 12
|
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