Stuhini Announces Closing of Debt Settlement
Stuhini Announces Closing of Debt Settlement
VANCOUVER, BC
,
Oct. 25, 2021
/CNW/ - Stuhini Exploration Ltd. (TSXV: STU) (the "
Company
" or
"
Stuhini
") is pleased to announce the completion of its previously announced shares-for-debt
settlement (the "
Debt Settlement
").
Under the Debt Settlement, the Company issued to Sabalan Consulting Ltd. ("
Sabalan
") 48,936
common shares of the Company (the "
Debt Shares
") at a deemed issue price of
$0.47
per share to
settle a
$23,000
debt owing to Sabalan (the "
Debt
"). Sabalan is a wholly-owned corporation of Mr.
Ehsan Salmabadi, Vice President Exploration of the Company.
The common shares issued under the Debt Settlement are subject to a hold period expiring
February
25, 2022
.
The Debt Settlement with Sabalan constituted a "related party transaction" within the meaning of
TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority
Security Holders in Special Transactions ("
MI 61-101
"). The Company has relied on the exemptions
from the formal valuation and minority shareholder approval requirements of MI 61–101 contained in
sections 5.5(a) and 5.7(1)(a) of MI 61–101 in respect of the Debt Settlement as neither the fair
market value (as determined under MI 61-101) of the Debt Shares, nor the Debt, exceeded 25% of
the Company's market capitalization (as determined under MI 61-101).
About Stuhini Exploration Ltd.
Stuhini is a mineral exploration company focused on the exploration and development of precious
and base metals properties in western
Canada
. The Company's portfolio of exploration properties
includes its flagship Ruby Creek Property located approximately 20 kilometres ("
km
") east of
Atlin,
BC
; the Que Property located approximately 70 km north of Johnson's Crossing in the
Yukon
; the
South Thompson Project located approximately 35 km northwest of
Grand Rapids, Manitoba
; and
the Big Ledge Property located approximately 57 km south of
Revelstoke, BC
.
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.
SOURCE
Stuhini Exploration Ltd.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/October2021/25/c5862.html
%SEDAR: 00046568E
For further information:
David O'Brien, President & Chief Executive Officer, Stuhini Exploration
Ltd., Email: [email protected], Phone: (604) 835-4019, Web: www.stuhini.com
CO: Stuhini Exploration Ltd.
CNW 19:31e 25-OCT-21