Bathurst Metals Announces Financing and Shares FOR Debt
BATHURST METALS CORP.
665 DOUGALL ROAD, GIBSONS, BC, V0N 1V8
WWW.BATHURSTMETALS.COM
September 17, 2020 PRESS RELEASE TSX-V: BMV.H
BATHURST METALS ANNOUNCES FINANCING AND SHARES FOR DEBT
Vancouver, British Columbia ( September 17, 2020) – Bathurst Metal Corp. ( BMV.H previously
Pacific Cascade Minerals Inc. PCV.H ) (“Bathurst” or the “ Company”) is pleased to announce the
following undertakings to provide working capital and clear up debt in order to put the Company
on firm financial ground.
The Company announces a non-brokered private placement financing of up to 7,500,000 units (the
“Units”) of securities at a price of $0.10 per Unit for aggregate gross proceeds of up to $750,000.00
(the “ Offering”). Each Unit will be comprised of one (1) c ommon share and one (1) non -
transferable common share purchase warrant, with each whole warrant entitling the holder to
purchase one additional common share at a price of $0.18 for a period of one (1) year from closing
of the Offering.
The net proceeds of the private placement will be used to pay an aggregate of $246,000.00 of
outstanding promissory notes . The balance of the net proceeds will be reserved for working
capital. Finders’ fees may be payable on a portion of the Offering.
The Company also announces it has agreed with eleven creditors of the Company , including
certain of its directors and officers (the “ Creditors”), to issue 6,307,793 common shares
(“Shares”) to extinguish C$ 630,779.26 of indebtedness (the “ Debt Settlement ”) owed to the
Creditors. The Shares will be issued at a deemed price of C$0.10 per Share.
As certain insiders are participating in the Debt Settlement, it is considered to be a "related party
transaction" under Multi lateral Instrument 61 -101 - Protection of Minority Security Holders in
Special Transactions ("MI 61-101"). The Company intends to rely on the exemptions from the
valuation and minority shareholder approval requirements of MI 61 -101 contained in sections
5.5(b) and 5.7(b) of MI 61-101. A material change report will be filed less than 21 days before the
closing date of the transactions contemplated by this news release. The Company believes this
shorter period is reasonable and necessary in the circumstances as the Company wishes to improve
its financial position by reducing its accrued liabilities as soon as possible.
The shares-for-debt settlement and the private placement are subject to the approval of the TSX
Venture Exchange. All securities issued will be subject to a four month hold period which will
expire on the date that is four months and one day from the date of issue.
On behalf of the Board of Directors
“Harold Forzley”
BATHURST METALS CORP.
665 DOUGALL ROAD, GIBSONS, BC, V0N 1V8
WWW.BATHURSTMETALS.COM
President / CEO
Bathurst Metals Corp.
For more information contact Harold Forzley, President
Neither 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 release.