Geovic Mining Corp. (TSX:GMC) announced a private placement of promissory notes for gross proceeds of $100,000 on October 31, 2013. The transaction involved participation from individual investors, Richard G. Buckovic and Paul D. Rose, a Director of the company. The note will bear interest at 200% per annum and will mature on October 31, 2014. The company may prepay each note, in whole or in part and without penalty, at any time upon 30 calendar days' prior written notice to the lender. The company is required to prepay each note, in whole but not in part and without penalty, within five business days following the consummation of the previously announced acquisition by Jiangxi Rare Metals Tungsten Holdings Group Company Ltd of the company's 60.5% interest in Geovic Cameroon, PLC.


On October 31, 2013, Geovic Mining Corp. closed the transaction.