Business
Castle Peak Announces Shares for Debt Settlement
Vancouver, British Columbia--(Newsfile Corp. - October 25, 2021) - Castle Peak Mining Ltd. &#...
About this update from Akwaaba Mining Ltd
[{"type":"text","content":"Castle Peak Announces Shares for Debt SettlementVancouver, British Columbia--(Newsfile Corp. - October 25, 2021) - Castle Peak Mining Ltd. (TSXV: CAP) (\"Castle Peak\" or the \"Company\") is pleased to announce that it its board of directors has approved the settlement of up to $425,000 of debt through the issuance of common shares of the Company (the \"Debt Settlement\"). Pursuant to the Debt Settlement, the Company will issue up to 30,000,000 common shares of the Company to certain creditors being Grizal Enterprises Ltd. (the \"Creditor\").The Debt Settlement transactions involving the Creditor will constitute \"related party transaction[s]\" under Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (\"MI 61-101\"). All of the independent directors of the Company, acting in good faith, considered the transactions and have determined that the fair market value of the securities being issued to insiders and the consideration being paid is reasonable. The Company has determined that it is exempt from the minority approval and formal valuation requirements under MI 61-101 in respect of the Debt Settlement transactions, relying on the exemptions found in sections 5.5(1)(a) and (b) and 5.7(1)(a) of MI 61-101. Completion of the Debt Settlement is subject to approval by the TSX Venture Exchange.For further information, please contact: \"Iyad Jarbou\" Chief Financial Officer Tel: 604.362.7685Email: [email protected]: https://castlepeakmining.com/ FORWARD-LOOKING AND OTHER CAUTIONARY INFORMATIONExcept for statements of historical fact, this news release contains certain 'forward-looking information' and 'forward-looking statements' within the meaning of applicable securities laws. This release may contain statements that are forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading \"Risk Factors\" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements contained in this news release are made as of the d...