Financing Through a Convertible Debenture of a Maximum of $1,000,000
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 07/29/10 -- Pershimco Resources Inc. (the 'Corporation' or 'Pershimco') (TSX VENTURE: PRO) (FRANKFURT: BIZ), announces today its intention to finalize, prior to August 1st, 2010, and subject to the conditions further described herein, a financing of a maximum of $1,000,000 through guaranteed convertible debentures in class 'A' common shares of the Corporation (the 'Common Shares').
The convertible debentures to be issued will have a term of 24 months, bearing an interest rate of 14% per annum and payable quarterly. The capital and interest on said debentures will be convertible at a price of $0.35 per Common Share. A maximum number of 2,857,142 Common Shares of the Corporation will be reserved with the TSX Venture Exchange in order to guaranty the conversion right of its holders. Subject to the TSX Venture Exchange's approval, the funds are intended to insure adequate working capital to the Corporation and to guaranty the viability of any expansion projects that may arise. The management of the Corporation intends to complete the financing prior to the end of this month.
'It is important that Pershimco has the necessary tools and financial means to guaranty its shareholders that it can seize profitable business opportunities that may occur in the current economic context' commented Alain Bureau, the Corporation's Chief Executive Officer.
About Pershimco Resources Inc.
Pershimco Resources Inc. is a Canadian-based resource exploration corporation holding strategic properties located in Quebec, Canada and in the state of Chihuahua, Mexico.
The Corporation's documents are available on www.sedar.com.
For more information, please visit the Corporation's website at www.pershimco.ca.
Neither 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.
Contacts:
Pershimco Resources Inc.
Alain Bureau, P. Eng.
President and Chief Executive Officer
819-797-2180