Castle Peak Announces Shares for Debt Settlement
Castle Peak Announces Shares for Debt
Settlement
Vancouver, British Columbia--(Newsfile Corp. - October 25, 2021) -
Castle Peak Mining Ltd.
(TSXV:
CAP) ("Castle Peak" or the "Company") is pleased to announce that it its board of directors has
approved the settlement of up to $425,000 of debt through the issuance of common shares of the
Company (the "Debt Settlement"). Pursuant to the Debt Settlement, the Company will issue up to
30,000,000 common shares of the Company to certain creditors being Grizal Enterprises Ltd. (the
"Creditor").
The Debt Settlement transactions involving the Creditor will constitute "related party transaction[s]" under
Multilateral Instrument 61-101 -
Protection of Minority Securityholders in Special Transactions
("MI 61-
101"). All of the independent directors of the Company, acting in good faith, considered the transactions
and have determined that the fair market value of the securities being issued to insiders and the
consideration being paid is reasonable. The Company has determined that it is exempt from the minority
approval and formal valuation requirements under MI 61-101 in respect of the Debt Settlement
transactions, relying on the exemptions found in sections 5.5(1)(a) and (b) and 5.7(1)(a) of MI 61-101.
Completion of the Debt Settlement is subject to approval by the TSX Venture Exchange.
For further information, please contact:
"Iyad Jarbou"
Chief Financial Officer
Tel: 604.362.7685
Email:
Website:
https://castlepeakmining.com/
FORWARD-LOOKING AND OTHER CAUTIONARY INFORMATION
Except for statements of historical fact, this news release contains certain 'forward-looking information'
and 'forward-looking statements' within the meaning of applicable securities laws. This release may
contain statements that are forward-looking statements and are subject to various risks and
uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and
elsewhere in the Company's periodic filings with Canadian securities regulators. Such information
contained herein represents management's best judgment as of the date hereof based on information
currently available. As a result, readers are cautioned not to place undue reliance on these forward-
looking statements. The forward-looking statements contained in this news release are made as of the
date of this release. The Company does not assume the obligation to update any forward-looking
statement, except as required by law. For more information on the Company, investors should review
the Company's filings that are available at
www.sedar.com
.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) nor the Investment Industry Regulatory Organization of
Canada accepts responsibility for the adequacy or accuracy of this release.
The securities being offered have not been, nor will they be, registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the United States, or to, or for
the account or benefit of, U.S. persons absent registration or an applicable exemption from
registration requirements. This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the securities in any jurisdictions in which such offer,
solicitation or sale would be unlawful. Any offering made will be pursuant to available prospectus and
registration exemptions and restricted persons to whom the securities may be sold in accordance with
the laws of such jurisdictions and by persons permitted to sell the securities in accordance with the
laws of such jurisdictions.
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR
DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES
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