Champion Bear Enters into Agreement to Defer the Debt Owing to Its Chairman and President
Champion Bear Enters into Agreement to
Defer the Debt Owing to Its Chairman and
President
Calgary, Alberta--(Newsfile Corp. - October 2, 2020) -
Champion Bear Resources Ltd. (TSXV:
CBAV)
("
Champion Bear
" or the "
Company
") announces that it has entered into an agreement with
Richard Kantor, the Company's Chairman and President and Tomahawk Oil and Gas Ltd. (
Tomahawk
),
a company controlled by Mr. Kantor, with respect to all of the indebtedness owing by the Company to him
and Tomahawk (the "
Agreement
").
The purpose of the Agreement is to provide the Company and its shareholders with assurance that
neither Mr. Kantor nor Tomahawk will demand payment of the debts until the market value of the
Company significantly increases from current levels.
Pursuant to the Agreement an aggregate of $215,242.08 owing to Mr. Kantor and an aggregate of
$1,213,078.00 owing to Tomahawk will be deferred until such time as the 30 day volume weighted
average trading price of the Company's common shares is at least $2.00 per share. At such time this
debt will be repaid at the discretion of the independent members of the Board and subject to the
Company's then ability to pay it without unduly impairing the liquidity or solvency for the next year of
operations. Upon the conditions for repayment arising, Mr. Kantor and Tomahawk may request that the
Company exchange common shares of the Company for some portion of or all of these debts (a "
Share
for Debt Settlement
").
The Company is not be obliged to pursue a Share for Debt Settlement, but may,
in the sole discretion of the independent members of the Board agree to a Share for Debt Settlement.
Any future Share for Debt Settlement will be subject to the prior approval of the TSX Venture Exchange
and the related party rules under Multilateral Instrument 61-101 -
Protection of Minority Securityholders
in Special Transactions
at the time.
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.sedar.com
. 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 purpose and benefits to be derived from the
Agreement. 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 ability to complete the shares for debt transactions, 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 including approval of the Application, 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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/65118