Kapuskasing Gold Announces Shares for Debt Agreement
Vancouver, B.C., February 1, 2016. KAPUSKASING GOLD CORP. (TSX-V: KAP) (the “Company” or “KAP”), announces that it has entered into a shares for debt agreement (the “Agreement”) with certain management, directors and consultants (collectively the “Creditors”). Pursuant to the Agreement, the Company will settle $172,000 of debt by issuing to the Creditors 3,440,000 Common Shares at a deemed price of $0.05 per Common Share.
In conjunction with the Agreement, an additional debt of $225,900 owing to the Creditors is being written-off in total.
The Agreement is subject to TSX-V approval and the 3,440,000 Common Shares will be subject to a statutory hold period of four months from the date of issuance.
Dean Nawata President & CEO, Director Phone 1 (647) 360-0897
Neither 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 and Cautionary Notes
Statements in this document, which are not purely historical, are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements contained in this document are based on certain key expectations and assumptions made by Kapuskasing, including, without limitation, expectations and assumptions respecting the outlook of exploration activity on the Borden and Rollo properties and the impact on Kapuskasing’s business and management assessment of future operations. Although the forward-looking information contained in this press release is based upon what Kapuskasing’s management believes to be reasonable
Suite 650 – 1021 West Hastings Street, Vancouver, B.C. V6E 0C3 Page 1 assumptions, the Company cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release.
It is important to note that actual outcomes and the Company’s actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company’s Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management’s current beliefs and is based on information currently available to the Company. The forward-looking information is made as of the date of this press release and Kapuskasing assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
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