Vancouver, B.C., March 22, 2013 - CERRO MINING CORP. (TSX-V: CRX) ("Cerro" or the "Company") announces that it has entered into a loan agreement (the "Loan Agreement") with a shareholder of the Company (the "Lender") for an aggregate amount of Cdn$30,000 (the "Loan").
The Loan is unsecured, matures 6 months from the date of advancement of the funds and may be prepaid, at any time, without premium or penalty. Interest is payable at the end of the term and is accrued and payable at a rate of 10% per annum.
Pursuant to the terms of the Loan and in accordance with TSX Venture Exchange ("TSX-V") policy, Cerro has agreed to issue to the Lender common shares in the capital of the Company equal to 20% of the Loan divided by $0.05 (being the applicable Discounted Market Price as such term is defined by TSX-V policy). Accordingly, Cerro will issue the Lender an aggregate of 120,000 common shares (the "Fee Shares") in connection with the Loan.
The issuance of the Fee Shares is subject to TSX-V approval.
CERRO MINING CORP.
Jason Birmingham, Chief Executive Officer & President
For further information, please contact:
Cerro Mining Corp.
Tel: 902.468.8280 Toll Free: 1.877.342.7474
Neither the 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.
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