Yellowhead Mining Inc. Announces Automatic Conversion of Debenture
VANCOUVER, Dec. 30, 2013 /CNW/ - Yellowhead Mining Inc. ("Yellowhead" or the
"Company") (TSX: YMI) announces that today its shareholders have approved the
full automatic conversion of the $8 million convertible debenture (the
"Debenture") previously issued to Matco Investments Ltd. ("Matco"), a private
investment firm based in Calgary, Alberta, into common shares of the
Company. The Debenture has now been fully converted into an aggregate of
35,555,556 common shares of the Company at a conversion price of $0.225 per
share, representing approximately 35.91% of the total issued and outstanding
common shares of the Company.
The proceeds of the Matco Financing will primarily be used to complete the
environmental assessment process for Yellowhead's 100% owned Harper Creek
Project and for general corporate purposes.
Frank D. Wheatley, Yellowhead's CEO, commented that "Yellowhead is extremely
pleased that the shareholders have approved the issuance of common shares to
Matco, as this will allow Yellowhead to proceed with the environmental
assessment process for the Harper Creek Project". Mr. Wheatley added that
"work on the environmental assessment process will recommence immediately,
with a target of resubmitting the environmental assessment application to the
British Columbia Environmental Assessment Office by the end of the third
quarter of 2014".
Appointment of New Chief Financial Officer
Lori Price, currently the Controller of Yellowhead, has been appointed Chief
Financial Officer of the Company, effective as of January 4, 2014, upon the
resignation of Saurabh Handa, the current Chief Financial Officer, to pursue
About Matco Investments Ltd.
Matco is a private investment corporation based in Calgary, Alberta. Matco
is controlled by Mr. Ronald Mathison. Mr. Mathison also serves on the boards
of Calfrac Well Services Ltd, Tesla Exploration Ltd. and Western Energy
About Yellowhead Mining Inc.
Yellowhead Mining Inc. is a development stage company with a 100% interest in
the Harper Creek copper-gold-silver project located in the North Thompson
region of British Columbia, Canada. The proposed Harper Creek mine will be a
large scale, long life, low cost open pit copper mine, has a NI 43-101
compliant feasibility study, and is currently in the environmental permitting
phase of development.
For more information on Yellowhead and the Harper Creek Project, please visit
Yellowhead's website at www.yellowheadmining.com.
Forward Looking Statements
Except for statements of historical fact, this news release contains certain
"forward-looking information" within the meaning of applicable securities
laws. Forward-looking information is frequently characterized by words such as
"plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and
other similar words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements are based on the opinions and
estimates of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those anticipated in the
forward-looking statements, including, among others, the accuracy of mineral
grades and related assumptions, inherent operating risks, planned
expenditures, proposed exploration and development at the Harper Creek
Project, operating and economic aspects of the Harper Creek Project, as well
as those risk factors identified in the Company's Annual Information Form
filed under the Company's SEDAR profile. Yellowhead undertakes no obligation
to update forward-looking information if circumstances or management's
estimates or opinions should change except as required by law. The reader is
cautioned not to place undue reliance on forward-looking statements. More
detailed information about potential factors that could affect projected
results is included in the documents filed from time to time with the Canadian
securities regulatory authorities by Yellowhead.
SOURCE Yellowhead Mining Inc.
Frank D. Wheatley, Chief Executive Officer 604.681.1709 Ext. 212
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CO: Yellowhead Mining Inc.
ST: British Columbia
NI: 2575 WNEWS LOAN MNA
-0- Dec/30/2013 19:13 GMT
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