Buckingham Exploration Inc. closes a $500,000 convertible secured debenture financing
CANON CITY, CO, Oct 07, 2008 /PRNewswire-FirstCall via COMTEX/ -- Buckingham Exploration Inc. (OTCBB: BUKX), is please to announce that on September 24, 2008 it closed a secured convertible denture with several investors for a total amount of $500,000. The debenture is secured by the company's mineral claims, bears an interest rate of 10%, and is convertible into common stock in the company at $0.05 per share any time on or after October 25, 2008 until the full amount owed to each investor is fully repaid.
The company recently renewed all of its claims with the Bureau of Land Management in the state of Colorado.
The company is now preparing for a spring 2009 exploration program that will include further exploration and drilling on the company's Alpha Beta claims which management believes appear to have immediate potential.
The ongoing exploration of the property will be coordinated from Buckingham Exploration's Canon City office.
About Buckingham Exploration Inc.:
Buckingham Exploration is an Exploration Stage Company whose principal business is the acquisition and exploration of mineral resources. Buckingham focuses on the exploration of uranium properties in North America.