|By Marketwired .||
|August 11, 2014 02:37 PM EDT||
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.
President and CEO
Email: info@magellanmine[email protected]