Plains Creek Closes First Tranche of Private Placement, Raises $1M

By Midnight Trader,  January 16, 2013, 03:20:27 PM EDT

Plains Creek Phosphate Corporation (PCP.V) closed the first tranche of its non-brokered private placement of senior secured convertible debentures for gross proceeds of $1,000,000.

The debentures have a face value of $1,000, each bearing interest of 10% per annum, fully secured by the assets of the company.

The company will use the proceeds of the private placement for property payments on its Farim Phosphate mineral property and for related in-country expenses in Guinea-Bissau and for additional working capital.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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