Champion Bear Completes Shares for Debt Transaction
23 4월 2020 - 6:00AM
Champion Bear Resources Ltd. (TSXV: CBA-V)
("
Champion Bear" or the
"
Company") announces that it has settled and
extinguished $528,445.97 of Champion Bear's outstanding debt (the
"
Debt") through the issuance of common shares of
the Company ("
Common Shares"). In accordance
with settlement of Debt (the "
Debt Settlement"),
the Company issued 3,522,972 Common Shares at a deemed price of
$0.15 per Common Share to eight creditors of the Company.
Included among those exchanging their debt for Common Shares
is Champion Bear's driller, Distinctive Drilling, and Jessica
Borysenko, P. Geol., who has provided services in relation to the
company's Eagle Rock property. The Company chose to settle
and extinguish the Debt through the issuance of Common Shares to
preserve cash and improve the Company's balance sheet. The
Debt Settlement was approved by the TSX Venture Exchange on April
13, 2020. The Common Shares issued pursuant to the Debt Settlement
are subject to a four month hold period, which will expire on the
date that is four months and one day from the date of issuance.
The Debt Settlement involved the issuance of an
aggregate of 2,206,232 Common Shares to certain directors and
officer and/or companies controlled and directed by such directors
and officers (collectively, the "Related
Parties"). In particular, an aggregate of 1,000,000 Common
Shares have been issued to the Company's Chairman and President
representing $150,000 in partial extinguishment of the aggregate
amount of $1,266,069.66 owing to him personally; an aggregate of
200,000 Shares have been issued to the Company's Chief Financial
Officer representing $30,000 in extinguishment of the debt owing to
him personally and to a holding company he controls and directs for
services rendered in his capacity as Chief Financial Officer; and
an aggregate of 116,740 Shares have been issued to two directors
representing an aggregate of $17,511.07 in extinguishment of the
debt owing to them and/or holding companies they control for
consulting services rendered.
The Debt Settlement involving the Related
Parties constitutes a "related party transaction" under
Multilateral Instrument 61-101 – Protection of Minority
Securityholders in Special Transactions ("MI
61-101"). The Company has relied on the exemptions from
the valuation and the minority approval requirements of MI 61-101
provided for in subsections 5.5(a) and 5.7(a) of MI 61-101,
respectively, as the fair market value of the subject of, and the
consideration paid in the Debt Settlement, in relation to the
interested parties, does not represent more than 25% of the
Company's market capitalization, as determined in accordance with
MI 61-101. The participation by the Related Parties in the Debt
Settlement has been approved by directors of the Company who are
independent in connection with such transactions.
About Champion Bear
Champion Bear is a mineral exploration company
focused exclusively on the historically prospective regions of
Ontario. The Company's primary targets are platinum group metals,
precious metals, and polymetallic base metals deposits. Champion
Bear's aim is to create shareholder value through selective
property acquisition followed by focused exploration emphasizing
drilling. The Company has assembled a large land position in the
Dryden and Sudbury areas, totaling over 16,000 hectares. Additional
information about Champion Bear can be found on the Company's
website at www.championbear.com and on SEDAR at www.sedar.com. For
further information, please contact: Richard D. Kantor, Chairman
and President of Champion Bear at phone: (403) 229-9522.
NEITHER TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES
OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION:
This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation including statements relating to the benefits to be
derived from the Debt Settlement. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown
risks, uncertainties, and other factors which may cause the actual
results and future events to differ materially from those expressed
or implied by such forward-looking statements. All statements that
address future plans, activities, events, or developments that the
Company believes, expects or anticipates will or may occur are
forward-looking information, including statements regarding the
potential development of resources and drilling plans which may or
may not occur. Forward-looking statements and information contained
herein are based on certain factors and assumptions regarding,
among other things, the ability to complete the shares for debt
transactions, the market price of the Company's securities, metal
prices, exchange rates, taxation, the estimation, timing and amount
of future exploration and development, capital and operating costs,
the availability of financing, the receipt of regulatory approvals
including approval of the Application, environmental risks, title
disputes, failure of plant, equipment or processes to operate as
anticipated, accidents, labour disputes, claims and limitations on
insurance coverage and other risks of the mining industry, changes
in national and local government regulation of mining operations,
and regulations and other matters. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
This news release shall not constitute an offer
to sell or the solicitation of an offer to buy any securities of
Champion Bear in any jurisdiction in which such offer, solicitation
or sale would be unlawful. The securities to be offered have not
been and will not be registered under the United States Securities
Act of 1933, as amended, or any state securities laws and may not
be offered or sold within the United States or to or for the
account or benefit of a U.S. Person absent registration or an
applicable exemption from the registration requirements of such Act
or laws.
Champion Bear Resources (TSXV:CBA)
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부터 11월(11) 2024 으로 12월(12) 2024
Champion Bear Resources (TSXV:CBA)
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부터 12월(12) 2023 으로 12월(12) 2024