TORONTO, ONTARIO--(Marketwired - Jan 13, 2015) - Hornby Bay Mineral Exploration Ltd. (TSX VENTURE:HBE) (the "Company") announces that it has issued a CDN$100,000 principal amount unsecured convertible promissory note (the "Note"). The Note will bear interest at a rate of 9% per annum, calculated annually and matures on January 12, 2017.
Each $0.10 of the principal amount of the Note is convertible into a unit of the Company. Each unit consists of one common share ("Common Share") in the capital of the Company and one Common Share purchase warrant ("Warrant"). Each Warrant, when issued, will be exercisable on or before January 12, 2015 and entitles the holder to purchase one Common Share at a price of $0.20 per Common Share. The securities issued pursuant to the financing will be subject to a statutory four month hold period.
The indebtedness will be secured by a security interest on the Company's right, title and interest in and to its East Clavos gold property consisting of mining lease 107313 comprising 20 claims on 322.837 hectares about 45 km east north east of Timmins, and all proceeds thereof and therefrom.
The proceeds of the financing will be used for general working capital purposes.
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 News Release.
This News Release includes certain forward-looking statements which are based on information currently available to management of Hornby Bay, and Hornby Bay provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe Hornby Bay's future plans, objectives or goals, including words to the effect that Hornby Bay or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan", and include statements made herein with respect to the use of proceeds from the Financing. Since forward-looking statements address future events and are based on assumptions relating to, among other things, the use of proceeds from the Financing, by their very nature they involve inherent risks and uncertainties, and thus actual results could differ materially from those currently anticipated in such statements for many reasons such as: changes in demand and prices for minerals; litigation and other judicial and regulatory developments; and other matters discussed in this News Release. This list is not exhaustive of the factors that may affect any of Hornby Bay's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Hornby Bay's forward-looking statements. Hornby Bay does not undertake to update any forward-looking statement that may be made from time to time by it or on its behalf, except in accordance with applicable securities laws.
Shares Outstanding: 58,159,989