VANCOUVER, April 10, 2014
/CNW/ - Cliffmont Resources Ltd. (TSX-V - CMO) ("Cliffmont" or the
"Company") announces a private arm's length Colombian company will
loan the Company USD$270,000 in the
form of the secured Convertible Loan, bearing an interest rate of
7% per annum and due six months from the date of advance. The
principal of the Convertible Loan will be convertible at the option
of the Lender into common shares of the Company at a conversion
price of CDN$0.15 per unit. Each Unit
comprises one common share and one transferable share purchase
warrant. Each warrant (a "Warrant") entitles the holder to purchase
one common share of the Company, at a price of CDN$0.25 per share, for a period of 12 months
from closing, with a forced conversion which comes into effect once
the shares trade at a price above CDN$0.35 per common share for a period of 15
consecutive days.
The net proceeds from this loan will be used for a portion of
the final property payment of the San Luis Project and for general
working capital purposes. Any securities issued upon
conversion of the loan will be subject to a four month hold period.
The closing of the loan is subject to acceptance from the TSX
Venture Exchange. The lender will be granted a 26% security
interest to one of the Company's mineral properties.
ON BEHALF OF THE BOARD
"Jeff Tindale"
Jeff Tindale, President and CEO
Forward Looking Statements. This Company news release
contains certain "forward-looking" statements and information
relating to the Company that are based on the beliefs of the
Company's management as well as assumptions made by and information
currently available to the Company's management. Such statements
reflect the current risks, uncertainties and assumptions related to
certain factors including, without limitations, competitive
factors, general economic conditions, customer relations,
relationships with vendors and strategic partners, the interest
rate environment, governmental regulation and supervision,
seasonality, technological change, changes in industry practices,
and one-time events. Should any one or more of these risks or
uncertainties materialize, or should any underlying assumptions
prove incorrect, actual results may vary materially from those
described herein.
"Neither 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."
SOURCE Cliffmont Resources Ltd.
