Settlement of Debt
66 Wellington St W Suite 4100
Toronto, Ontario
M5K 1B7 Canada
PNG Copper Inc. Announces Settlement of Debt
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION,
DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR
INTO THE UNITED STATES
Toronto, ON, Canada (March 7, 2022) – PNG Copper Inc. (CSE:PNGC) (“PNG Copper ” or the
“Company”) is pleased to announce that it settled outstanding indebtedness with a director of
the Company by issuance of units (“Units”).
The Company settled outstanding indebtedness of $108,711.46 (“Debt Settlement”) with the
director through the issuance of 1,553,020 Units. Each Unit consisted of one (1) Common Share
and one (1) Common Share purchase warrant (“Warrant”). Each whole Warrant entitles the
holder to purchase one additional Common Share at an exercise price of C$0.10 per Common
Share, for a period of five (5) years from the date of issuance.
The issuance of Units in relation to the Debt Settlement is a "related party transaction" pursuant
to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special
Transactions (" MI 61-101 "). The issuance of Units is exempt from the requirement to obtain
minority approval pursuant to paragraph 5.7(1) a. of MI 61-101, as the Debt Settlement does not
exceed fair market value by more than 25% of the market capitalization of the Company.
All Units issued and issuable pursuant to the Debt Settlement will be subject to a hold period of
four months and one day from the date of closing.
About PNG Copper Inc.
PNG Copper Inc. is a mineral exploration company focused on acquiring, exploring, and
developing quality mineral properties in Papua New Guinea. The Company’s core values are
respect for the Community, the Landowners, the environment and operating a safe workplace
for its employees. The Company is also committed to best practice standards of Corporate
Governance.
For further information please visit the Company’s website at pngcopper.ca or contact:
PNG Copper Inc.
Paul Rokeby, Chief Financial Officer
Tel: +1.705.465.1880
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of
the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in
the United States of America. The securities have not been and will not be registered under the United States Securities Act
of 1933, as amended (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States
66 Wellington St W Suite 4100
Toronto, Ontario
M5K 1B7 Canada
or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the
1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian
Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.