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ScoZinc Mining Announces Debt Settlement
COOKS BROOK, Nova Scotia, Aug. 02, 2019 (GLOBE NEWSWIRE) -- ScoZinc Mining Ltd. (TSX-V: SZM) (“ScoZinc” or the “Company”) is pleased to announce that, following
About this update from Edm Resources Inc
[{"type":"text","content":" COOKS BROOK, Nova Scotia, Aug. 02, 2019 (GLOBE NEWSWIRE) -- ScoZinc Mining Ltd. (TSX-V: SZM) (“ScoZinc” or the “Company”) is pleased to announce that, following an earlier announcement in its July 24, 2019 news release, it has received the approval of the TSX Venture Exchange (the “TSXV”) for the shares for debt transaction to settle a total of $37,500 in accrued liabilities owing to one of its directors (the “Creditor”) through the issuance to the Creditor of an aggregate of 93,750 common shares in the capital of the Company, at a deemed price of $0.40 per common share (the “Debt Settlement”). Accordingly, the Company announces that it has completed the Debt Settlement. All securities issued pursuant to the Debt Settlement are subject to a four month and one day statutory hold period from the closing date. Related Party Transaction The Creditor is an insider of the Company (the “Insider”), and accordingly, the issuance of common shares to the Insider in connection with the Debt Settlement is considered a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transaction (“MI 61-101”). The Company is relying on the exemption from the requirement for valuation under MI 61-101 on the basis of the exemption contained in section 5.5(b) of MI 61-101 as the Company’s shares are not listed on a specified market, and on the exemption from the requirement for minority shareholder approval under MI 61-101 on the basis of the exemption contained in section 5.7(a) of MI 61-101 as that the fair market value of the consideration of the shares to be issued to the Insider in connecting with the Debt Settlement does not exceed 25% of the Company’s market capitalization. About ScoZinc Mining Ltd. ScoZinc is an established Canadian-based zinc and lead exploration and development company that owns the ScoZinc Mine and related facilities near Halifax, Nova Scotia which is currently on care and maintenance. The Company intends to restart operations as soon as possible. The Company has a strong working capital position and no debt. The Company’s common shares are traded on the TSX Venture Exchange under the symbol “SZM”. For more information, please contact: Mr. Joseph Ringwald – President and CEO Telephone: +1 (604) 347-7661 [email protected] ...