Latest O T Mining Corp (OTMN) Headlines The O
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Posted On: 03/10/2014 10:29:58 PM
Latest O T Mining Corp (OTMN) Headlines
The O.T. Mining Corporation Announces a Recapitalization Including Closing of a $375,000 Investment in the Company
Marketwire - Fri Feb 28, 12:50PM CST
The O.T. Mining Corporation (OTC Pink: OTMN) ("OTMN" or the "Company") is pleased to announce it has closed on a recapitalization of OTMN's balance sheet which also includes an initial investment of $375,000 of fresh capital into the Company. As part of the recapitalization, the Company converted a substantial amount of corporate indebtedness into common shares of OTMN which effectively eliminated most of the outstanding debt of the Company. Another important aspect of the recapitalization plan was the conversion of nearly the entire debt owed to executives of the Company. The investor group, consisting of several accredited individual investors (the "Investors"), has received 4,687,500 common shares of OTMN priced at $0.08 per share, 10,000,000 options to purchase additional shares of OTMN priced at $0.10 per share, and 4,687,500 warrants to purchase shares of OTMN at a price of $0.16 per share. If all options and warrants in this initial $375,000 investment are exercised, this will infuse $1,750,000 of additional capital into OTMN. Under the terms of the investment, the Investors may invest up to an additional $375,000 on the same terms, for a total of $750,000.
The O.T. Mining Corporation Announces a Recapitalization Including Closing of a $375,000 Investment in the Company
Marketwire - Fri Feb 28, 12:50PM CST
The O.T. Mining Corporation (OTC Pink: OTMN) ("OTMN" or the "Company") is pleased to announce it has closed on a recapitalization of OTMN's balance sheet which also includes an initial investment of $375,000 of fresh capital into the Company. As part of the recapitalization, the Company converted a substantial amount of corporate indebtedness into common shares of OTMN which effectively eliminated most of the outstanding debt of the Company. Another important aspect of the recapitalization plan was the conversion of nearly the entire debt owed to executives of the Company. The investor group, consisting of several accredited individual investors (the "Investors"), has received 4,687,500 common shares of OTMN priced at $0.08 per share, 10,000,000 options to purchase additional shares of OTMN priced at $0.10 per share, and 4,687,500 warrants to purchase shares of OTMN at a price of $0.16 per share. If all options and warrants in this initial $375,000 investment are exercised, this will infuse $1,750,000 of additional capital into OTMN. Under the terms of the investment, the Investors may invest up to an additional $375,000 on the same terms, for a total of $750,000.
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