King’s Bay Announces Debt Settlement Agreement with Lynx Lake Property
King’s Bay Anno ounces De ebt Settlem ment Agreement wit th Lynx Lake Prope erty
NOT FOR DIS STRIBUTION N TO UNITED D STATES N NEWSWIRE SERVICES N NOR FOR DISSE EMINATION IN THE UNI ITED STATE ES
November 20, 2018 - King’s Bay Resources C Corp. (TSXv v: KBG)(FSE E: KGB1) (t the “Compa any” or “King’s Ba mber 21, 2018, the ay”) is pleas sed to annou unce that furt ther to its ne ews release dated Septem Agreement”) of October 4 Company h has amended the mineral p property acqu uisition agree ement (the “A 4, 2016 whereby the e Company acquired 100% % right, title a and interest in n and to 66 mi ineral claims of a cobalt pr roperty consideration for the located in H Happy Valley, Goose Bay, Newfoundlan nd and Labra ador (the “Pro operty”). In c purchase of f the Propert ty, the Comp pany agreed t to pay a sum m of $100,000 0 in paymen nts of $10,000 0 upon acceptance of the Agreement, and $3 30,000 on eac ch of the subs sequent three anniversaries of the Agre eement. In addition, the Compa n shares, 200,000 shares upon TSX V any agreed to
- issue 900,0 000 common Venture
Exchange (the “TSXV”)
rsary and 400 0,000 on the second ) approval, fo ollowed by 30 00,000 on the e first anniver anniversary nt due on the second y of the Agree ement. By am mendment in September, 2 2018, the $30 0,000 paymen anniversary y was changed d to issuance o of 600,000 sh hares of the C Company.
On Novem mber 16, 2018 8, the Compa any entered i into a debt s settlement ag greement (the e “Debt Settl
lement Agreement
t”) pursuant to which the e Company a agreed to issu ue 1,000,000 common sh hares instead paying maintenance costs of all l claims whic ch formed a p portion of the e Property (th he “Changed d Fee Shares” ”). The Changed Fe ee Shares are subject to a s statutory hold period of 4 m months and on ne day from t the date of iss suance.
ON BEHA ALF OF THE E BOARD O OF DIRECTO ORS
King’s Ba ay Resources Corp.
“Kevin Bottomley”
President & & Chief Exe ecutive Offic cer Tel: (604) 681-1568 Kevin@kin ngsbayres.co om
For investm ment inquiries please con ntact:
Jared Rush hton, Corpor rate Develop pment Tel: (604) 681-1568 [email protected]\
Neither the e TSX Ventu ure Exchang ge nor its Reg gulation Serv rvices Provid der (as that te erm is define ed in the policies of the TSX X Venture Ex xchange) acc cepts respon nsibility for t the adequacy y or accuracy y of this press r release.
Forward-Loo oking Statemen nts. This news release contain ns forward-loo oking statement ts relating to th he future opera ations of the Company y and other sta atements that a are not historic cal facts. Forw ward-looking st tatements in th his release incl lude the assumption t that the Company will be ab ble to issue the e Changed Fee e Shares instea ad of paying th he maintenanc ce costs. There can be e no assurance e that such sta atements will p prove to be ac ccurate and act tual results an nd future event ts could differ materi ially from those anticipated i in such stateme ents. Factors th hat could caus se our forward looking statem ments to l to issue the Changed Fee Shares. The f differ from e events include e that we may not obtain TS SXV approval forwardlooking state ements contained in this news s release are m made as of the d date of this new ws release and the Company will not update or revise publicly any of the inc ements except as expressly r cluded forward d-looking state required by C Canadian w.
securities law