Plate Resources Inc. Announces Debt Settlement
January 26, 2016 – Vancouver, British Columbia – Plate Resources Inc. (the “Company” or “Plate”) (TSXV- “PLR”) announces that it has settled an aggregate $175,716.00 of debt (the “Debt”) by the issuance of a total of 3,514,320 common shares of the Company (the “Shares”) at a deemed price of $0.05 per Share. The Shares will be subject to four month hold period.
An amount of $148,000 of the Debt was owed to directors and officers of the Company (the “Related Party Amount”), and accordingly the settlement thereof constitutes a “related party transaction” under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Because the Company’s shares trade only on the TSX Venture Exchange, the settlement of the Related Party Amount is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101, and exempt from the minority approval requirements of Section 5.6 of MI 61-101 pursuant to Subsection 5.7(1)(b) of MI 61-101.
ABOUT PLATE RESOURCES:
The Company is a junior resource exploration company focused on acquiring mineral properties and exploring for economically viable mineral resources. For more information, please refer to the Company’s profile on SEDAR (www.sedar.com), or Harry Katevatis, President and Director of the Company at (604) 601-2008.
ON BEHALF OF THE BOARD OF DIRECTORS
“Charalambos (Harry) Katevatis”
Harry Katevatis, President and Director
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
ALL STATEMENTS, ANALYSIS AND OTHER INFORMATION CONTAINED IN THIS PRESS RELEASE ABOUT ANTICIPATED FUTURE EVENTS OR RESULTS CONSTITUTE FORWARD-LOOKING STATEMENTS. FORWARD- LOOKING STATEMENTS ARE OFTEN, BUT NOT ALWAYS, IDENTIFIED BY THE USE OF WORDS SUCH AS “SEEK”, “ANTICIPATE”, “BELIEVE”, “PLAN”, “ESTIMATE”, “EXPECT” AND “INTEND” AND STATEMENTS THAT AN EVENT OR RESULT “MAY”, “WILL”, “SHOULD”, “COULD” OR “MIGHT” OCCUR OR BE ACHIEVED AND OTHER SIMILAR EXPRESSIONS. FORWARD-LOOKING STATEMENTS ARE SUBJECT TO BUSINESS AND ECONOMIC RISKS AND UNCERTAINTIES AND OTHER FACTORS THAT COULD CAUSE ACTUAL RESULTS OF OPERATIONS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN THE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON ESTIMATES AND OPINIONS OF MANAGEMENT AT THE DATE THE STATEMENTS ARE MADE. THE COMPANY DOES NOT UNDERTAKE ANY OBLIGATION TO UPDATE FORWARD-LOOKING STATEMENTS EVEN IF CIRCUMSTANCES OR MANAGEMENT’S ESTIMATES OR OPINIONS SHOULD CHANGE EXCEPT AS REQUIRED BY APPLICABLE LAWS. INVESTORS SHOULD NOT PLACE UNDUE RELIANCE ON FORWARD-LOOKING STATEMENTS.