Pitchblack Announces Shares FOR Debt Settlement
PITCHBLACK ANNOUNCES SHARES FOR DEBT SETTLEMENT
February 8, 2017, Toronto, Ontario – Pitchblack Resources Ltd. ( NEX: PIT .H) (“ Pitchblack” or the
“Company”) has entered into agreements to satisfy outstanding debt obligations of $ 758,476 through
the issuance of 8,427,511 common shares of the Company (the “Shares”) at a deemed price of $0.09 per
Share (the “Debt Settlement”) . The debt consists of fees incurred in relation to consulting fees ,
management fees and administrative services fees. The issuance of the Shares is subject to the approval
of the TSX Venture Exchange. In accordance with applicable securities laws, the Shares will be subject to
a hold period of four months and one day from the date of completion of the Debt Settlement.
With certain debts owing to management and certain directors of the Company being settled pursuant
to the Debt Settlement, their participation in the Debt Settlement will be considered to be a "related
party transaction" as defined under Multilateral Instrument 61-101 – Protection of Minority Security
Holders in Special Transactions ("MI 61- 101”). The Debt Settlement will be exempt from the formal
valuation and minority shareholder approval requirements of MI 61-101.
The Company is also pleased to announce that it has appointed Damian Lopez as the Corporate
Secretary of the Company. Mr. Damian Lopez is a corporate securities lawyer who works as a legal
consultant to various Toronto Stock Exchange and TSX Venture listed companies. Mr. Lopez previously
worked as a securities lawyer at a large Toronto corporate law firm.
About Pitchblack Resources Ltd.
Pitchblack has uranium, coal and gold assets in the Yukon Territory, Canada. The C ompany is currently
reviewing the potential of these properties.
Scott Moore
President and Chief Executive Officer
E-mail: [email protected]
416-861-5903
Forward-Looking Information
This press release contains " forward-looking information" within the meaning of applicable securities
legislation. Forward-looking information includes, but is not limited to, statements regarding ability to
close the shares for debt settlement , receipt of regulatory approval and the impact of an officer
appointment. Forward-looking information is subject to known and unknown risks, uncertainties and
other factors that may cause the actual results to be materially different from those expressed or implied
by such forward -looking information, including but not limited to: general business, economic,
competitive, political and social uncertainties and risks of the mining industry. There can be no assurance
that such information will prove to be accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to update any forward- looking
information, except in accordance with applicable securities laws.
NEITHER THE TSX VENT URE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS
DEFINED IN THE POLIC IES OF THE TSX VENTU RE EXCHANGE) ACCEPTS RESPONSIBILITY FOR T HE
ADEQUACY OR ACCURACY OF THIS RELEASE.