SYS-CON MEDIA Authors: Doug Masi, Mat Mathews, PR.com Newswire, David Smith, Tim Crawford

News Feed Item

Magellan Completes Shares for Debt Settlement

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/11/14 -- Magellan Minerals Ltd. (TSX VENTURE: MNM) (the "Company") is pleased to announce that it has completed the shares for debt transaction announced on July 31, 2014, after receiving the approval of the TSX Venture Exchange to settle indebtedness to its single largest creditor.

The Company issued 4,602,030 common shares of the Company (the "Shares") at a deemed price of $0.13 per Share in full satisfaction of debt in the total amount of R$1,212,998.13 (being C$598,263.96 applying the agreed foreign exchange rate of R$2.02753 to each C$1.00). The Shares are subject to a four month hold period expiring on December 8, 2014.

Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.