Business
Atacama Resources International, Inc. Takes Action to Strengthen Balance Sheet and Position Company for Long Term Success
Atacama Resources International, Inc. Takes Action to Strengthen Balance Sheet and Position Company for Long Term Success.
About this update from Atacama Resources International, Inc.
[{"type":"text","content":"\n PLANTATION, Fla., Sept. 26, 2019 (GLOBE NEWSWIRE) -- Atacama Resources International, Inc. (OTC: ACRL) (“Atacama”), a publicly traded exploration company with over three thousand (3000) acres of mineral claims in Northeastern Ontario, including potential gold, silver, copper, cobalt, and graphite deposits announces that it has reached settlement agreements with convertible debt holders resolving all outstanding indebtedness. Seven (7) of a total of eight (8) convertible debt holders have been paid in full pursuant to the terms of their respective settlement agreements. The remaining convertible debt holder will be paid in full pursuant to the terms of its settlement agreement no later than November 4, 2019. In addition, Atacama has reached agreements with former officers, management, employees and board members with respect to amounts that were owing and on the company’s books for loans and unpaid salaries and fees. As noted by Atacama President and Chief Executive Officer, Colin Keith, “The future success of our company depended upon the elimination of this debt. The goal was to create a structure with minimal share consideration, while negotiating - and ultimately obtaining - a number of favorable discounts against contractual terms and premiums.” \"This marks the culmination of an extensive and coordinated effort on the part of the board and management teams, and has given us a strong foundation to pursue our aggressive exploration and asset development strategy for a newly-transformed Atacama. I am excited for the future as I believe in this company and its assets. The impact of the elimination of this debt cannot be overstated, \" explained David Berry, Chairman of the Board of Directors. About Atacama Resources International (www.acrlintl.com) Atacama Resources International is a publicly traded OTC Pink company with significant mining claims in the greater Kirkland Lake area of Northern Ontario. Metals and minerals under potential exploration include gold, silver, copper, graphite and cobalt. Forward Looking StatementsCertain information set forth in this news announcement may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the...