HALIFAX, NOVA SCOTIA / ACCESSWIRE / May 1, 2017 / Metalo Manufacturing Inc. (CSE: MMI) (the "Issuer") announces that, subject to CSE approval, it will issue 63,762 common shares of the Issuer to Forest Lane Holdings Limited ("FLH"), a company controlled by an insider of the Issuer.
The Issuer and FLH entered into a convertible debenture on May 1, 2015 in the amount of $2,000,000 with interest of 5% payable quarterly in cash or in common shares at the option of the Issuer. This issuance is made at a deemed price of $0.3921 per share which is the volume-weighted trading price for the 20 trading days ending March 31, 2017, the date of the notice of conversion, and represents interest due as of May 1, 2017, for an aggregate amount of $25,000. The securities will be subject to a four month hold period following the date of issuance.
Additional information about the convertible debenture can be found in the Issuer's press release of May 1, 2015 which is filed on SEDAR.
ABOUT METALO MANUFACTURING INC. (CSE: MMI)
Metalo's principal focus is an investment in the development and construction of a pig iron manufacturing plant to produce high purity pig iron for steel mills and foundries. MMI is a 44% shareholder of Grand River Ironsands Incorporated ("GRI"). GRI owns a 60% interest in North Atlantic Iron Corporation ("NAIC"). NAIC's business emphasis is to build the plant for the manufacturing of pig iron. NAIC also owns mining rights for a resource in Happy Valley-Goose Bay, Newfoundland and Labrador. Additionally, Forks Specialty Metals Inc. ("FSM") is a wholly-owned subsidiary of GRI and it owns and operates three smelting furnaces in Pennsylvania, USA. FSM is currently used as a testing facility for iron smelting. The Corporation has 17,417,640 issued and outstanding common shares.
Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
The Corporation seeks Safe Harbour.
For additional information contact:
Liz MacKenzie, Corporate Communications
(902) 233-7255
[email protected]
(NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION VIA U.S. NEWSWIRE)
SOURCE: Metalo Manufacturing Inc.