P2 Gold Announces Debt Settlement
P2 Gold Announces Debt Settlement
VANCOUVER, BC
,
Nov. 8, 2024
/CNW/ -
P2 Gold Inc.
("P2" or the "Company") (TSXV: PGLD) and
(OTCQB: PGLDF) reports that it has amended its agreements with certain insiders of P2 to settle
$572,500
in shareholder loans previously provided for working capital for 5,725,000 shares of the
Company (the "Loan Shares") at a deemed price of
$0.10
/share (the "Loan Settlement"). The Loan
Shares to be issued in respect of the Loan Settlement are subject to a hold period of four months
expiring on
March 8, 2025
.
The Loan Settlement with such insiders will be a "related party transaction" under Multilateral
Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101").
The Loan Settlement with each of these individuals is exempt from the minority approval and formal
valuation requirements of MI 61-101 pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101 as
neither the fair market value of the debt, nor the fair market value of the shares to be issued in
settlement of the debt, exceeds 25% of P2's market capitalization.
About P2 Gold Inc.
P2 Gold is a mineral exploration and development company focused on advancing its gold-copper
Gabbs Project on the Walker Lane Trend in
Nevada
. A positive preliminary economic assessment
has outlined a long-life, mid-size mine at
Gabbs
with annual average production of 104,000 ounces
gold and 13,500 tonnes copper over a 14.2-year mine life.
Neither the TSX Venture Exchange (the "Exchange") nor its Regulation Services Provider (as that
term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities
laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking
information" includes statements that use forward-looking terminology such as "may", "will", "expect",
"anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or
comparable terminology. Such forward-looking information includes, without limitation, information
with respect to the Company's expectations, strategies and plans for exploration properties including
the Company's planned expenditures and exploration activities, the Loan Settlement and issuance of
the Loan Shares.
Forward-looking information is not a guarantee of future performance and is based upon a number
of estimates and assumptions of management at the date the statements are made, including
without limitation, that the Exchange will accept the Offering, the issuance of securities under the
Offering will be approved, required fundraising will be completed, as well as the other assumptions
disclosed in this news release. Furthermore, such forward-looking information involves a variety of
known and unknown risks, uncertainties and other factors which may cause the actual plans,
intentions, activities, results, performance or achievements of the Company to be materially different
from any future plans, intentions, activities, results, performance or achievements expressed or
implied by such forward-looking information, including without limitation, failure to obtain Exchange
acceptance of the Offering and/or the issuance of securities pursuant to the Offering, failure to raise
sufficient funds on the proposed terms or at all, and risks associated with mineral exploration,
including the risk that actual results and timing of exploration and development will be different from
those expected by management. See "Risk Factors" in the Company's annual information form for
the year ended
December 31, 2023
, dated
March 21, 2024
filed on SEDAR at
www.sedar.com
for
a discussion of these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to
be accurate, as actual results and future events could differ materially from those anticipated in such
information. Accordingly, investors should not place undue reliance on forward-looking information.
Except as required by law, the Company does not assume any obligation to release publicly any
revisions to forward-looking information contained in this press release to reflect events or
circumstances after the date hereof.
SOURCE
P2 Gold Inc.
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%SEDAR: 00045664E
For further information:
For further information, please contact: Joseph Ovsenek, President &
CEO, (778) 731-1055, P2 Gold Inc.Suite 789, 999 West Hastings Street, Vancouver, BC, V6C
2W2, [email protected], (SEDAR filings: P2 Gold Inc.); Michelle Romero, Executive Vice President,
(778) 731-1060
CO: P2 Gold Inc.
CNW 17:00e 08-NOV-24