IEMR Closes a Convertible Note Financing and Enters Into a Shares for Services Agreement
May 02 2014 - 1:19PM
Marketwired Canada
Convertible Note Financing with Related Party
IEMR Resources Inc. (TSX VENTURE:IRI) ("IEMR" or the "Company") wishes to
announce that further to its press release dated April 17, 2014, an unsecured
convertible note (the "Note") has been issued to International Energy and
Mineral Resources Investment (Hong Kong) Company Limited (the "Lender") in the
principal amount of US$800,000 having a maturity date of December 1, 2014 (the
"Maturity Date") and bearing interest at a rate of 6% per annum payable on the
Maturity Date. At the option of the Lender, the Note shall be convertible at any
time prior to the Maturity Date, in whole or in part, into common shares of the
Company at a price of Cdn$0.10 per common share.
Issuance of Shares for Service to a Related Party
The Company has entered into an agreement with Charles Yuen (the "Agreement") to
issue common shares as consideration for services to be performed by Charles
Yuen in his role as Chief Financial Officer of IEMR. Pursuant to the terms of
the Agreement, up to 300,000 common shares may be issued to Mr. Yuen, on the
basis of 25,000 shares per month, for a one year term.
Mr. Yuen is a "Related Party" of IEMR pursuant to TSX Venture Exchange (the
"Exchange") policies as he is a director and officer of IEMR and as such the
Agreement constitutes a "Related Party Transaction" under the policies of the
Exchange. The Company is relying on exemptions from the formal valuation and
minority approval requirements which are available to the Company. The shares
will be subject to a four month hold period pursuant to the policies of the
Exchange.
About IEMR Resources Inc.
IEMR is a junior mining company listed on the TSXV under the symbol "IRI". The
Company is directly tied to and has been formed from capital sources in China
and Canada. IEMR is devoted to taking full advantage of its capital by
participating in mineral and energy projects ranging from exploration,
development, production, processing, smeltering and mineral trade with a
long-term view. The Company's emphasis is on the Chinese and Canadian markets
utilizing the capital stemming from China and the resources and market of Canada
to create a maximum return for shareholders. The Company's investment priorities
ranked in order are copper, chromium, nickel, manganese, uranium, platinum
silver, diamonds and molybdenum. Investment and or acquisitions in exploration
projects, will be focused in chromium, manganese, uranium and potash. The
Company has already formed alliances of cooperation with large smeltering steel,
copper, lead, zinc and aluminum companies.
For further information on IEMR, please refer to the Company's profile on SEDAR
at www.sedar.com or the Company's website at www.iemr.ca.
On behalf of the Board of Directors of
IEMR RESOURCES INC.
Hongxue Fu, Chief Executive Officer
Cautionary Statement Regarding Forward-Looking Statements
Certain statements made and information contained herein may constitute
"forward-looking statements" or "forward-looking information" within the meaning
of applicable securities legislation. These statements and information relate to
future events, or the Company's future performance. Often, but not always,
forward-looking statements or information can be identified by the use of words
such as "plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", "does not
anticipate" or "believes" or variations of such words and phrases or words and
phrases that state or indicate that certain actions, events or results "may",
"may have", "could", "would", "might" or "will" be taken, occur or be achieved.
Although management believes that the assumptions made and the expectations
represented by such statements or information are reasonable, there can be no
assurance that a forward-looking statement or information herein will prove to
be accurate. Forward-looking statements and information by their nature are
based on assumptions and involve known and unknown risks, uncertainties and
other factors which may cause our actual results, performance or achievements,
or industry results, to be materially different from any future results,
performance or achievements expressed or implied by such forward-looking
statements. These statements speak only as of the date of the news release and
are expressly qualified, in their entirety, by this cautionary statement.
Neither the TSXV nor its Regulation Services Provider (as that term is defined
in the policies of the TSXV accepts responsibility for the adequacy or accuracy
of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
IEMR Resources Inc.
Charles Yuen
Chief Financial Officer
(604) 877-8563
www.iemr.ca
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