Eskay Announces Debt Settlement And Grant Of Stock Options

Eskay Announces Debt Settlement And Grant Of Stock Options

TORONTO, ON / ACCESSWIRE / September 5, 2019 / Eskay Mining Corp. (“Eskay” or the

“Company”) (TSX-V:ESK) wishes to announce that it has entered into agreement to settle an

aggregate of $90,000 of management fees owed to a company controlled by an insider of the

Company in consideration for the issuance of 1,263,157 common shares of the Company at a

price of $0.07125 per share. The disinterested directors of the Company have approved the debt

settlement with the insider and his affiliated company. The debt settlement is subject to TSX

Venture Exchange approval. The securities to be issued will be subject to a hold period of four

months and a day. The Company also wishes to announce that an aggregate of 1,300,000 options

to purchase common shares of Eskay at $ 0.095 per share for five years have been granted to two

(2) directors and one (1) consultant of Eskay. The grant is subject to acceptance by the TSX

Venture Exchange.

The insider debt settlement is exempt from the valuation and minority shareholder approval

requirements of Multilateral Instrument 61-101 (“MI 61-101”) by virtue of the exemptions

contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the

consideration for the securities of the Company to be issued to insider does not exceed 25% of its

market capitalization.

About Eskay Mining Corp:

Eskay Mining Corp (TSX-V:ESK) is a TSX Venture Exchange listed company, headquartered in

Toronto, Ontario. Eskay is an exploration company focused on the exploration and development

of precious and base metals along the Eskay rift in a highly prolific region of northwest British

Columbia known as the “Golden Triangle,” approximately 70km northwest of Stewart, BC. The

Company currently holds mineral tenures in this area comprised of 177 claims (130,000 acres).

All material information on the Company may be found on its website

at www.eskaymining.com and on SEDAR at www.sedar.com.

For further information, please contact:

Mac Balkam T: 416 907 4020

President & Chief Executive Officer E: [email protected]

Neither the 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.

Forward-Looking Statements: This Press Release contains forward-looking statements that

involve risks and uncertainties, which may cause actual results to differ materially from the

statements made. When used in this document, the words “may”, “would”, “could”, “will”,

“intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are

intended to identify forward-looking statements. Such statements reflect our current views with

respect to future events and are subject to risks and uncertainties. Many factors could cause our

actual results to differ materially from the statements made, including those factors discussed in

filings made by us with the Canadian securities regulatory authorities. Should one or more of

these risks and uncertainties, such as actual results of current exploration programs, the general

risks associated with the mining industry, the price of gold and other metals, currency and

interest rate fluctuations, increased competition and general economic and market factors, occur

or should assumptions underlying the forward looking statements prove incorrect, actual results

may vary materially from those described herein as intended, planned, anticipated, or expected.

We do not intend and do not assume any obligation to update these forward-looking statements,

except as required by law. Shareholders are cautioned not to put undue reliance on such

forward-looking statements.

SOURCE: Eskay Mining Corp.