|By Marketwired .||
|March 27, 2014 08:30 AM EDT|
CALGARY, ALBERTA -- (Marketwired) -- 03/27/14 -- Alhambra Resources Ltd. (TSX VENTURE: ALH)(PINKSHEETS: AHBRF)(FRANKFURT: A4Y) ("Alhambra" or the "Corporation") announces that it intends to borrow up to C$1.0 million by way of convertible secured promissory notes (the "Notes").
The Notes will bear interest at an annual rate of 12% and will mature in three years after the date of advance. The Notes will be convertible into common shares of the Corporation at C$0.25 per common share and may be repaid at any time prior to maturity at the fair market value of the notes at that time. The Corporation will have the option to force conversion during the term of the Notes at a minimum of US$0.20 per share. In connection with the Notes, Alhambra will issue non-transferable warrants to purchase up to 1.0 million common shares of the Corporation (the "Warrants"). The Warrants will have an exercise price of C$0.30 per common share and will be exercisable for three years from the date of issue of the Notes. If the weighted average trading price of Alhambra's shares for any five trading days within ten consecutive trading days equals or exceeds C$0.35 per share, any outstanding balance owing on the Notes will be automatically converted to common shares. Similarly, the outstanding Warrants will be required to be converted at the same time and under the same conditions.
The purpose of this loan is to provide the Corporation with general working capital and for exploration and development activities. At this time, the Corporation has commitments for C$400,000.
Completion of this financing is subject to satisfaction of usual requirements, including completion of documentation and regulatory body approval, including approval from the TSX Venture Exchange.
Alhambra is a Canadian based international exploration and gold production corporation focused on gold in Kazakhstan.
Alhambra common shares trade in Canada on The TSX Venture Exchange under the symbol ALH, in the United States on the Over-The-Counter Pink Sheets Market under the symbol AHBRF and in Germany on the Frankfurt Open Market under the symbol A4Y. The Corporation's website can be accessed at www.alhambraresources.com.
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.
Certain statements contained in this news release constitute "forward-looking statements" as such term is used in applicable Canadian and US securities laws. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, there is no assurance that Alhambra will raise the C$1.0 million, or how the realized funds will be used. These statements should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans, "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as "forward-looking statements". Such forward looking statements involve known and unknown risks including, political, social and other risks inherent in carrying on business in a foreign jurisdiction and such other business risks as discussed herein and other publicly filed disclosure documents. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.
Forward looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Corporation undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
Alhambra Resources Ltd.
Ihor P. Wasylkiw
VP & Chief Information Officer
+1 (403) 508-4953
Alhambra Resources Ltd.
Donald D. McKechnie
VP & Chief Financial Officer
+1 (403) 228-2855
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