Inca One Announces $600,000 Financing to Purchase Ore for Processing at Chala One Plant
Vancouver, B.C. October 22, 2013 INCA ONE RESOURCES CORP. (TSX-VENTURE:IO)(“the Company” or “Inca One”) announces a non-brokered private placement of secured, redeemable promissory notes of up to $600,000 CAD which will bear interest at 20% per annum payable quarterly in arrears and mature 24 months following the Closing Date. Subscribers will be entitled to redeem their investment principal plus accrued interest payable 30 days after providing a written Notice of Redemption to the Company and not until 5 months after the Closing Date.
The proceeds from the non-brokered private placement will be used exclusively to fund the ongoing acquisition of high-grade ore from small-scale miners to process through the newly upgraded Chala One milling facility. In that regard, a special “lock-box” account has been set up for this purpose.
Inca One’s Chala One team will systematically sample ore before purchasing and re-sample the ore after delivery to the plant. Once the ore has been processed, the capital from the gold rich carbon concentrate sales will be used to pay interest on the notes, and the remaining profits will then be repatriated to the lock-box account where the profits will then be available to Inca One for working capital.
“This financing gives us the purchasing power to be processing at full capacity and in due course to begin generating positive cash flow for shareholders,” states Edward Kelly, President and Chief Executive Officer of Inca One. “We are extremely pleased with the execution of our in country team to upgrade this mill on time, on budget and source high-grade ore to run through the mill.”
Finder’s fees may be payable in respect of the placement, which is subject to Exchange approval.
About Inca One Resources Corp
Inca One is a Canadian-based mineral resource company with a newly acquired gold milling facility & 2 substantial exploration assets in Peru, which was home to the Inca Empire. Peru is currently the largest gold producer in South America, hosting mines, which produced up to 26 million ounces of gold. A highly mineral-rich country, Peru is the largest producer of silver and 2nd largest producer of copper worldwide as of 2009.
On behalf of the Board,
INCA ONE RESOURCES CORP.
President & CEO
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