Champion Bear Completes Shares for Debt Transaction
Champion Bear Completes Shares for Debt
Transaction
Calgary, Alberta--(Newsfile Corp. - November 7, 2024) -
Champion Bear Resources Ltd. (TSXV:
CBA)
("
Champion Bear
" or the "
Company
") announces that it has settled and extinguished
$961,673.45 of Champion Bear's outstanding debt (the "
Debt
") through the issuance of common shares
of the Company ("
Common Shares
").
In accordance with settlement of Debt (the "
Debt Settlement
"),
the Company issued 14,794,976 Common Shares at a deemed price of $0.065 per Common Share to
seven creditors of the Company.
The Company chose to settle and extinguish the Debt through the
issuance of Common Shares to preserve cash and improve the Company's balance sheet.
The Debt
Settlement has been approved by the TSX Venture Exchange. The Common Shares issued pursuant to
the Debt Settlement are subject to a four month hold period, which will expire on the date that is four
months and one day from the date of issuance.
The Debt Settlement involved the issuance of an aggregate of 8,429,230 Common Shares to the
Company's President and Chief Executive Officer representing $547,900.00 in extinguishment or the
debt owing to him personally and to a holding company he controls and directs for services rendered in
his capacity of President and Chief Executive Officer. An aggregate of 4,228,492 Common Shares have
been issued to directors ("
Related Parties
") representing $274,852.00 in extinguishment of amounts
loaned to the company to cover company expenses.
An aggregate of 2,000,000 Common Shares have been issued to the Company's Chief Financial Officer
representing $130,000.00 in extinguishment of the debt owing to him personally and to a holding
company he controls and directs for services rendered in his capacity as Chief Financial Officer. An
aggregate of 137,253 Common Shares have been issued to a director representing $8,921.45 in
extinguishment of the debt owing to him.
The Debt Settlement involving the Related Parties constitutes a "related party transaction" under
Multilateral Instrument 61-101 –
Protection of Minority Securityholders in Special Transactions
("
MI 61-
101
"). At the Company's Annual General Meeting on October 24, 2024, a special resolution to approve
this transaction was presented and was approved by a majority of the minority (the dis-interested
shareholders) at this meeting.
About Champion Bear
Champion Bear is a mineral exploration company focused exclusively on the historically prospective
regions of Ontario. The Company's primary targets are platinum group metals, precious metals, and
polymetallic base metals deposits. Champion Bear's aim is to create shareholder value through
selective property acquisition followed by focused exploration emphasizing drilling. The Company has
assembled a large land position in the Dryden and Sudbury areas, totaling over 16,000 hectares.
Additional information about Champion Bear can be found on the Company's website at
www.championbear.com
and on SEDAR at
www.sedarplus.ca
. For further information, please contact:
Richard D. Kantor, Chairman and President of Champion Bear at phone: (403) 229-9522.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain "forward-looking statements" under applicable Canadian securities
legislation including statements relating to the benefits to be derived from the Debt Settlement.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that,
while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors
which may cause the actual results and future events to differ materially from those expressed or
implied by such forward-looking statements. All statements that address future plans, activities,
events, or developments that the Company believes, expects or anticipates will or may occur are
forward-looking information, including statements regarding the potential development of resources
and drilling plans which may or may not occur. Forward-looking statements and information contained
herein are based on certain factors and assumptions regarding, among other things, , the market
price of the Company's securities, metal prices, exchange rates, taxation, the estimation, timing and
amount of future exploration and development, capital and operating costs, the availability of
financing, the receipt of regulatory approvals, environmental risks, title disputes, failure of plant,
equipment or processes to operate as anticipated, accidents, labour disputes, claims and limitations
on insurance coverage and other risks of the mining industry, changes in national and local
government regulation of mining operations, and regulations and other matters. There can be no
assurance that such statements will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. The Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a result of new information, future events
or otherwise, except as required by law.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities
of Champion Bear in any jurisdiction in which such offer, solicitation or sale would be unlawful. The
securities to be offered have not been and will not be registered under the United States Securities Act
of 1933, as amended, or any state securities laws and may not be offered or sold within the United
States or to or for the account or benefit of a U.S. Person absent registration or an applicable
exemption from the registration requirements of such Act or laws.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES
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