Denarius launches $20M gold-linked debenture units for mine in Spain

Denarius Aguablanca mine


Denarius Metals (Cboe CA: DMET;  OTCQX: DNRSF) has entered into an agreement with Red Cloud Securities in connection with a best efforts private placement for gross proceeds of up to $20 million. The miner, which is reopening its Aguablanca nickel-copper mine in Spain, will sell up to 20,000 convertible debenture units at a price of $1,000 per unit.

Each unit will consist of 1,000 debentures with a 12% per year gold-linked senior unsecured convertible debentures of Denarius, plus 500 share purchase warrants. Each warrant will entitle holder to purchase one common share at a price of $0.70 each within 36 months of the closing of the offer. The agents have been granted a 15% overallotment.

Denarius will apply to list the debentures for trading on Cboe Canada, but there is a possibility the listing will not be accepted.

The company is restarting its Aguablanca mine and 5,000-t/d mill to accelerate development of its nearby Lomero project. The company is also earning an  80% interest in the Toral zinc-lead-silver project owned by Europa Metals in northern Spain.

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This article was originally published by a www.canadianminingjournal.com

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