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Merida Minerals Holdings Inc ( (TSE:ESPN) ) has shared an announcement.
Hispania Resources Inc. has significantly strengthened its balance sheet through a combination of insider support, debt conversion and new equity financing, as it positions itself to capitalize on higher prices for key commodities such as copper, zinc, tin, tungsten and silver. Over the past 60 days, members of management voluntarily cancelled $1.2 million in payables owed to them, external creditors converted $666,062 of debt into shares at $0.10 per share following TSX Venture Exchange approval of the shares-for-debt deal, and the company raised $875,000 in a non-brokered equity financing involving insiders and existing shareholders. In total, Hispania has eliminated more than $1.86 million in liabilities while adding fresh capital, a relatively uncommon show of insider and creditor support in the junior mining sector that improves its financial flexibility for current and future project opportunities in Spain. The shares issued to insiders as part of these transactions qualify as a related-party transaction under securities rules, but the company is relying on available exemptions as the amounts involved are below prescribed materiality thresholds.
More about Merida Minerals Holdings Inc
Hispania Resources Inc. is a Toronto-based mineral exploration company focused on mining opportunities in Spain. The company is advancing three core projects: the Otero copper-zinc project, the formerly producing Lumbrales tin project, and the Puebla de la Reina copper-zinc project. Its management team comprises industry veterans with more than 120 years of combined experience in mineral exploration and production, including prior success building mining operations in Spain supported by established regional infrastructure and government backing.
Average Trading Volume: 86,974
Technical Sentiment Signal: Buy
Current Market Cap: C$8.88M
See more insights into ESPN stock on TipRanks’ Stock Analysis page.