Vancouver, B.C. - Brilliant Mining Corp. (BMC: TSXV) ("Brilliant" or the "Company") announced today that it has eliminated its remaining corporate debt with a cash payment to retire an outstanding $5 million convertible debenture.
The $5 million Convertible Debenture ("Debenture") was issued as partial consideration to acquire all of the issued and outstanding shares of a private Australian company, Donegal Resources Pty. Ltd. ("Donegal") that holds a 25% interest in the Lanfranchi Joint Venture which includes the producing Lanfranchi Nickel Mine in Western Australia (see Company Press Release dated February 6, 2006 for full details). The Debenture was issued to Companies associated with Ian Junk and Leigh Junk (vendors of Donegal and current directors of the Company)("Debenture Holders").
The Company provided notification to the Debenture Holders, one year before the maturity of the Debenture, of its intent to prepay the Debenture in whole with the Debenture Holders electing to receive cash in whole. As of the Date of this release, the transaction has been completed and the Debenture retired in full.
During the term of the Debenture, the Debenture Holders received 10% annual interest payments in quarterly installments.
"The retirement of this Debenture leaves Brilliant Mining debt free, strengthens its Corporate Structure and signals management's continual commitment to enhance the value of the Company" states John Robins, Chairman of Brilliant Mining.
On behalf of the Board of Directors
Mike Sieb, B.Sc., MBA
Brilliant Mining Corp.
For further information about Brilliant Mining Corp., or this news release, please visit our website at www.brilliantmining.com, or contact:
|Derek Iwanaka |
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Certain disclosures in this release, including management's assessment of Brilliant´s plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Brilliant's operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Brilliant expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.