Business
Champion Bear Announces Shares for Debt Filing and Equity Issuance
Calgary, Alberta--(Newsfile Corp. - November 29, 2021) - Champion Bear Resources Ltd. (TSXV: ...
About this update from Champion Bear Resources Ltd.
[{"type":"text","content":"Champion Bear Announces Shares for Debt Filing and Equity IssuanceCalgary, Alberta--(Newsfile Corp. - November 29, 2021) - Champion Bear Resources Ltd. (TSXV: CBA) (\"Champion Bear\" or the \"Company\") announces that it has filed a shares for debt application (the \"Application\") with the TSX Venture Exchange to satisfy an aggregate of $156,819.30 of Champion Bear's outstanding debts. Champion Bear has reached agreements with certain of its creditors who have either provided loans or services to the Company to extinguish, or partially extinguish, certain of the Corporation's outstanding debts owing to them in exchange for the issuance of common shares (\"Common Shares\") of the Corporation. The creditors include certain related parties of the Company, including Jason Hastie, the Company's Chief Financial Officer, David Haigh and Frederick Plomp, each of whom are directors (collectively, the \"Related Parties\"). Every other creditor, with the exception of the Related Parties, is an arm's length party who is either a creditor or provided consulting services to the Company.An aggregate of 1,568,193 Common Shares at a deemed price of $0.10 per Share are proposed to be issued to the creditors pursuant to this Application which includes an aggregate of 801,200 Common Shares to be issued to the Related Parties. An aggregate of 700,000 Common Shares are proposed to be issued to the Company's Chief Financial Officer representing $70,000.00 in extinguishment of the debt owing to him personally and to a holding company he controls and directs for services rendered in his capacity as Chief Financial Officer. An aggregate of 101,200 Common Shares are proposed to be issued to two directors representing an aggregate of $10,120.00 in extinguishment of the debt owing to them and/or holding companies they control for consulting services rendered. The Application is subject to the approval of the TSX Venture Exchange (the \"TSXV\"). The Common Shares issued pursuant to the shares for debt agreements will be subject to a four month plus one day hold period in accordance with applicable securities laws.The Company also announces that it had entered into a subscription agreement with John E. Squarek, a director of the Company, providing for the issuance by the Company to Mr. Squarek of 850,000 Common Shares at a price of $0.10 per share for total ...