Nevada Organic Phosphate Announces Appointment of New Chief Financial Officer and Shares for Debt Settlement
Nevada Organic Phosphate Announces Appointment of New Chief
Financial Officer and Shares for Debt Settlement
Vancouver, British Columbia, September 1, 2023. Nevada Organic Phosphate Inc.
(CSE: NOP) (“NOP” or the “Company”), would like to announce and welcome Mr.
Keith Li as its new Chief Financial Officer. Mr. Li is an experienced Chartered
Professional Accountant (CPA, CA) with over 15 years of corporate accounting,
finance and financial reporting experience. He specializes in providing
management advisory services, accounting and regulatory compliance services
to both public and private companies in a number of industries including junior
mining, cannabis, health and wellness, and merchant banking. Mr. Li began his
career in the public accounting sector as an auditor and has also held a senior -
level position at Sears Canada and multiple reporting issuers. He also holds a
Bachelor of Commerce degree from McGill University.
In connection with Mr. Li’s appointment the Company ha s agreed to pay $12,500 in
common shares (each a “ Share”) in the capital of the Company upon the six-month
anniversary of his appointment at the then current market price, subj ect to the policies
of the Canadian Securities Exch ange (the “Compensation Shares ”). The Shares will
be issued pursuant to the prospectus exemption provided under Section 2.24 of
National Instrument 45 -106 -Prospectus Exemptions. All Shares have a hold period of
four months and a day from the date of issuance.
Accordingly, the Compensation Shares will constitute a “related party transaction” within
the meaning of Multilateral Instrument 61 -101 – Protection of Minority Security Holders
in Special Transactions (“MI 61-101”). The issuance of the Shares will be exempt from
the valuation requirement of MI 61 -101 by the 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 requ irements of MI 61-101 by virtue of the exemption
contained in Section 5.7(1)(a) as the value of the Compensation Shares do not exceed
25% of the Company’s market capitalization.
Furthermore, the Company would like to announce the resignation of its current Chief
Financial Officer, Doug Wallis. The Company thanks Mr. Wallis for more than 12 years
of good and faithful service to NOP and other management associated companies.
Shares for Debt Settlement
The Company al so ann ounces that it has agreed to issue an aggregate of 180,000
Shares at a deemed price of $0.05 per Share to certain creditors of the Company
(the “Creditors”) as full and fi nal payment of debt in the aggregate amount of $9,000
(the “Debt Settlement”), which debt was for certain unpaid fees for services performed
by the Creditors.
All securities issued in connection with the Debt Settlement will be subject to a statutory
hold period expiring four months and one day after the date of issuance , as set out in
National Instrument 45‐102 – Resale of Securities.
Nevada Organic Phosphate Inc.
NOP is a junior exploration company with an organic sedimentary raw rock phosphate
bed, 8.25 kilometers long, in northeast Nevada (the “Murdock Property”). Believed to
be one of the only organic rock phosphate projects with large scale potential in North
America, the Murdock Property is situated close to the main highway to Montello/Elko
and the rail head to California.
For More Information
Robin Dow, CEO
T: 604.355.9986
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responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements and information (“FLSI”) within the meaning of
applicable securities laws. FLSI may include expectations, anticipations, beliefs, opinions, plans,
intentions, estimates, forecasts, projections, guidance or other similar statements and information that are
not historical facts. All statements which are not historical statements are considered FLSI. All FLSI is
based on assumptions, which may prove inaccurate, and subject to certain risks and uncertainties,
including without limitation those risks and uncertainties identified in the Company’s public securities
filings, which may cause actual events or results to differ materially from those indicated or implied in
FLSI. Accordingly, readers should not place undue reliance or value on FLSI. Although the Company
believes that the expectations reflected in any FLSI in this news release are reasonable at the present
time, it can give no assurance that such FLSI will prove to be correct. Any FLSI in this news release is
made as of the date hereof and the Company undertakes no obligations to publicly update or revise any
FLSI, whether as a result of new information, future events or otherwise, unless required by applicable
securities laws. Any FLSI in this news release is expressly qualified in its entirety by this cautionary
statement.