Business
Canadian Critical Minerals Settles Debt with Shares
Calgary, Alberta--(Newsfile Corp. - February 24, 2023) - Canadian Critical Minerals Inc. (TSXV: ...
About this update from Canadian Critical Minerals Inc
[{"type":"text","content":"Canadian Critical Minerals Settles Debt with SharesCalgary, Alberta--(Newsfile Corp. - February 24, 2023) - Canadian Critical Minerals Inc. (TSXV: CCMI) (OTCQB: RIINF) (\"Canadian Critical Minerals\" or the \"Company\") has entered into shares for debt agreements, to satisfy an aggregate of $123,000 of the Company's outstanding debt. An aggregate of 1,757,143 common shares at a deemed price of $0.07 per common share are proposed to be issued to the creditors. The creditors include certain related parties of the Company. The Company has elected to issue common shares in lieu of a cash payment in order to preserve its cash for the development of its business. The common shares will be issued upon acceptance by the TSX Venture Exchange (the \"TSXV\"). The common shares issued will be subject to a four month plus one day hold period pursuant to the policies of the TSXV. An officer of the Company is participating in the shares for debt transaction and as such it constitutes a \"related party transaction\" as defined in Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The transaction is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(1)(a), as the fair market value does not exceed 25% of the Company's market capitalization.About Canadian Critical Minerals Inc.Canadian Critical Minerals Inc. is a mining company primarily focused on two near-term copper production assets in Canada. CCMI's main asset is the 100% owned Bull River Mine project (>135 million lbs of copper) near Cranbrook, British Columbia which has a Mineral Resource containing copper, gold and silver. CCMI's latest acquisition is the 100% owned Thierry Mine project (>1,300 million lbs of copper) near Pickle Lake, Ontario which has a Mineral Resource containing copper, nickel, silver, palladium, platinum and gold.Contact InformationCanadian Critical Minerals Inc.Ian BerzinsPresident & Chief Executive OfficerM: +1-403-512-8202E: [email protected] Website: www.canadiancriticalmineralsinc.comCaution Regarding Forward-Looking InformationThis news...