International Gold Resources Converts Its Remaining Debt into Equity.SEATTLE -- International Gold Resources Inc. ("IGR IGR insect growth regulator. ") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :IGRU) is pleased to announce that existing creditors, which include note-holders, convertible note-holders and holders of convertible debentures Convertible Debenture Any type of debenture that can be converted into some other security. Notes: For example, a convertible bond can be converted into stock. have chosen to convert their debt instruments into common stock as a result of the positive developments within the Company. Prior to the business combination between IGR and the private Nevada corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. International Gold Resources, Inc., the private company used debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay to raise capital. IGR has converted the final remaining debt, being notes, convertible notes and convertible debentures, including interest accrued, into equity by issuing 1,554,000 common stock. This allows IGR to retain existing cash to assist in its ongoing exploration programs, instead of applying the cash to retire outstanding debt. About International Gold Resources, Inc. The vision of International Gold Resources Inc. is to secure, explore, and develop properties in Brazil, and in the Yukon Territories, Canada. We are a junior mining company, with both immediate and future production potential. The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products or actions in development are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The statements in this document may also contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. |
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