The Company is pleased to announce it has entered into agreements to settle the vast majority of
NEWS RELEASE
October 16, 2015 Vancouver, B.C. – Adroit Resources, Inc. (TSX-V: ADT) (the “Company”) announces the following corporate updates:
Debt Settlement
The Company is pleased to announce it has entered into agreements to settle the vast majority of its existing debt for either reduced cash payments or for shares. In aggregate, $1,335,266 of outstanding debt will be settled by way of (i) cash payment of $49,320.05, and (ii) the issuance of 18,977,304 common shares at a deemed price of $0.05 per share for aggregate amount of $948,865 (“Debt Settlement”). The Debt Settlement includes payment of $550,733 to Terrence E. King Law Corporation and Robert D. Holmes Law Corporation (“Holmes & King”; the Company’s former solicitors) pursuant to a Settlement Agreement (“the Agreement”) dated August 31, 2015. That Agreement called for the settlement of $550,733 of debt (legal fees plus accrued interest) owed to Holmes & King by paying $30,000 and issuing 11,014,654 shares on or before November 30, 2015.
Consolidation and Name Change:
At the Company’s annual general and special meeting of shareholders held on March 20, 2015, shareholders approved a consolidation of the Company’s issued and outstanding common shares as well as a name change. Accordingly, management will be proceeding with a share consolidation on the basis of one new common share for every ten existing common shares (“Consolidation”) and a name change will be determined by the board of directors in due course. The Consolidation will occur subsequent to closing of the Debt Settlement.
Private Placement:
The Company also announces its intention to undertake a non-brokered private placement of up to 20,000,000 post-consolidated common shares at a price of $0.05 per post-consolidated share for gross proceeds of up to $1,000,000 (the “Private Placement”).
The proceeds from the Private Placement will be used to advance certain of its mineral property interests, to potentially acquire additional mineral property interests, and for general working capital purposes.
Any implementation of the proposed Consolidation, Name Change, Debt Settlement and Private Placement will be subject to TSX Venture Exchange approval.
ON BEHALF OF THE BOARD OF DIRECTORS
“Johan Grandin”
Chairman and Chief Executive Officer
Adroit Resources Inc. 510 – 580 Hornby Street, Vancouver, BC V6C 3B6 Tel: (604) 351 - 7826
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.