Toronto, Ontario–(September 9, 2024) – A gold exploration company based in Toronto, Ontario, completed a series of shares for debt transactions to settle outstanding accounts and loans. The company issued common shares in the capital of the company to settle debts owed to certain directors, current and former officers, and a service provider, amounting to $181,110.50. The company issued a total of 6,037,015 shares at a deemed price of $0.03 per share in connection with the transactions. The completion of the shares for debt transactions is subject to regulatory approvals, including final approval from the TSX Venture Exchange.
As part of the transactions, shares were issued to companies controlled by company insiders to settle debts. These transactions are considered related party transactions within the regulatory framework. The company is relying on exemptions from formal valuation and minority shareholder approval requirements under applicable regulations.
Additionally, a company controlled by a company insider will acquire an aggregate of shares exceeding 10% of the outstanding shares of the company. An early warning report will be filed in accordance with regulatory requirements following the completion of the acquisition.
The company, focused on exploration and gold projects in the Canadian Shield, is working on finalizing a transaction for the acquisition of all its issued and outstanding common shares. Following the transaction, shareholders of the company will own a percentage of the resulting entity. The company trades on the TSX Venture Exchange.
For further information, contact the Chairman and Interim CEO. Additional cautionary statements regarding forward-looking statements are provided in accordance with regulatory requirements.
(Source: NewOrigin Gold Corp.)
