OTCQX:DMMIF - Post by User
Post by
PennyStackon Feb 17, 2016 4:06am
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Post# 24564819
$0.45 anything under this is a Steal
$0.45 anything under this is a Steal.
Bob Washer recently converted a majority of the promissory notes he loaned to the company over the past couple of years into shares at $0.45. He now controls just over 28% of the outstanding shares of the company. Why would he add risk to his holdings by taking shares instead of just holding the promissory notes which were secured against certain assets of the company, unless he was quite certain about the company's viability and its ability to finally start hitting guidance numbers in the near term ? I believe this transaction could be considered like a rather large insider buy ? Dynasty Settles US$1.44 Million of Short Term Debt By Way of Share Issuance VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 14, 2015) - Dynasty Metals & Mining Inc. ("Dynasty" or the "Company") (TSX:DMM)(OTCQX:DMMIF) announces that it has settled US$1,439,500 of the promissory notes owed to corporations represented by the Company's President and Chief Executive Officer by the issuance of 4,245,885 (the "Transaction") of the Company's common shares (the "Shares"). The Company's Board of Directors determined that the exchange of debt for equity to be beneficial to improve the Company's current liquidity and working capital position. The settlement was based on a share price of C$0.45 per common share, such being the volume-weighted average trading price of the common shares of the Company during the five trading days immediately preceding September 4, 2015, the date at which the settlement was approved by the Company. The Bank of Canada noon exchange rate of USD/CAD $0.7534 on September 4, 2015 was used to convert the amount owed from USD to CAD. The Toronto Stock Exchange conditionally approved the issuance of the Shares. Subsequent to the Transaction, the Company now has 46,706,968 common shares outstanding of which 13,114,035 are held by corporations represented by the Company's President and Chief Executive Officer. The Company remains indebted to corporations represented by the Company's President and Chief Executive Officer in the amount of US$560,500 by way of interest free promissory notes which are secured by way of a General Security Agreement over certain assets of the Company. The Transaction shall constitute a related party transaction within the meaning of Multilateral Instrument 61-101. Management considers the Transaction to be advantageous as it improves the Company's liquidity and working capital positions. The Transaction was reviewed and approved by the disinterested members of the Company's board of directors. The Transaction shall be exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 as it represents less than 25% of the Company's market capitalization. About Dynasty Metals & Mining Dynasty Metals & Mining Inc. is a Canadian based mining company involved in the exploration and development of mineral properties in Ecuador. The Company is currently focused on developing its Zaruma Gold Project, at which the Company is engaged in production. The Company also has the following non-producing assets: the Jerusalem Project and Dynasty Goldfield Project. For further information please visit the Company's website at www.dynastymining.com, follow Dynasty on Twitter @DynastyMining, or please see contact information below. Dynasty Metals & Mining Inc. Naomi Nemeth Investor Relations Toronto Office: 1 416 366 3881