Canadian Critical Minerals Settles Debt with Shares
Canadian Critical Minerals Settles Debt with
Shares
Calgary, Alberta--(Newsfile Corp. - February 24, 2023) - Canadian Critical Minerals Inc.
(TSXV: CCMI)
(OTCQB: RIINF)
("
Canadian Critical Minerals
" or the "
Company
") has entered into shares for debt
agreements, to satisfy an aggregate of $123,000 of the Company's outstanding debt. An aggregate of
1,757,143 common shares at a deemed price of $0.07 per common share are proposed to be issued to
the creditors. The creditors include certain related parties of the Company.
The Company has elected to issue common shares in lieu of a cash payment in order to preserve its
cash for the development of its business. The common shares will be issued upon acceptance by the
TSX Venture Exchange (the "TSXV"). The common shares issued will be subject to a four month plus
one day hold period pursuant to the policies of the TSXV.
An officer of the Company is participating in the shares for debt transaction and as such it constitutes a
"related party transaction" as defined in Multilateral Instrument 61-101 - Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). The transaction is exempt from the valuation requirement
of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Company's shares are not
listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by
virtue of the exemption contained in Section 5.7(1)(a), as the fair market value does not exceed 25% of
the Company's market capitalization.
About Canadian Critical Minerals Inc.
Canadian Critical Minerals Inc. is a mining company primarily focused on two near-term copper
production assets in Canada. CCMI's main asset is the 100% owned Bull River Mine project (>135
million lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing
copper, gold and silver. CCMI's latest acquisition is the 100% owned Thierry Mine project (>1,300
million lbs of copper) near Pickle Lake, Ontario which has a Mineral Resource containing copper, nickel,
silver, palladium, platinum and gold.
Contact Information
Canadian Critical Minerals Inc.
Ian Berzins
President & Chief Executive Officer
M: +1-403-512-8202
E:
Website:
www.canadiancriticalmineralsinc.com
Caution Regarding Forward-Looking Information
This news release includes certain information that may constitute "forward-looking information" under
applicable Canadian securities legislation. Forward-looking information includes, but is not limited to,
statements about strategic plans, future work programs and objectives and expected results from such
work programs. Forward-looking information necessarily involve known and unknown risks, including,
without limitation, risks associated with general economic conditions; inability to access sufficient
capital from internal and external sources, and/or inability to access sufficient capital on favourable
terms; and other risks.
Forward-looking information is 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 information and the risks identified in the Company's continuous
disclosure record. There can be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on forward-looking information. All forward-
looking information contained in this news release is given as of the date hereof and is based upon
the opinions and estimates of management and information available to management as at the date
hereof. The Company disclaims any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events or otherwise, except as required by
law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this new
release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/156179