Kermode issues 2.27M shares to settle $64,855 debt
2023-06-28 12:44 ET - News Release
Mr. Peter Bell reports
KERMODE RESOURCES SETTLES $64,855.69 IN DEBT FOR SHARES
Kermode Resources Ltd. has received exchange approval for the shares-for-debt transaction previously announced June 8, 2023. All shares issued pursuant to the debt settlement will be subject to resale restrictions under applicable securities legislation and the rules of the TSX Venture Exchange.
Kermode settles $64,855.69 of debt through the issuance of common shares of Kermode. The company issues 1,812,691 shares to an arm's-length party at a deemed price of once cent per unit to settle the outstanding debt of $18,126.91, and issues 4,672,878 shares to two non-arm's-length parties to settle outstanding debt for $46,728.78.
Peter Bell, chief executive officer, comments: "Thanks to our new CFO [chief financial officer] Andrew Low for taking an inducement fee of approximately 1 per cent of Kermode's shares as part of this transaction. Also, I am grateful for the opportunity to settle an old unpaid invoice from a prospector in Manitoba and make that payment in shares. Please find below the full list of trade payables for which I took shares in this transaction, detailed below."
About Kermode Resources Ltd.
Kermode is a junior mining company hunting for exploration opportunities around the world.
We seek Safe Harbor.
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