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Kazax Minerals closes C$2.5 million financing through private placement

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Kazax Minerals Inc.

Fasken Martineau represented TSX-V listed Kazax Minerals (“Kazax”), in its connection with the non-brokered private placement of convertible unsecured non-interest bearing debentures for aggregate proceeds of C$2,500,000. The debentures will mature on April 25, 2017. Upon receipt of all necessary approvals from the Ministry of Industry and New Technologies of the Republic of Kazakhstan on or before the maturity date for the debentures, the principal amount of the debentures will automatically be converted into units of the company. The conversion of the debentures into units shall be at a conversion price of: (i) C$0.05 per unit if conversion occurs within the first year of issuance; and (ii) C$0.10 per unit if conversion occurs within the following two years. Kazax is a TSX-V listed mining corporation based in Astana, Kazakhstan. The company is a recently re-capitalised mining corporation with a holding an interest in its first iron ore bearing property, the Lomonosovskoye deposit in Kostanay, Kazakhstan. The proceeds of the private placement will be used for general working capital purposes. Fasken Martineau advised Kazax with a team that included Al Gourley, Vanessa McMinn and Vhari Storwick.

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