Business
Fidelity Minerals Announces Closing of Shares for Debt Transaction and Loans from Lions Bay Capital Inc.
(TheNewswire) Vancouver, BC, June 19, 2024 – TheNewswire – ...
About this update from Fidelity Minerals Corp.
[{"type":"text","content":"Fidelity Minerals Announces Closing of Shares for Debt Transaction and Loans from Lions Bay Capital Inc. \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, BC, June 19, 2024\n \n \n –\n \n \n TheNewswire –\n \n \n Fidelity Minerals Corp.\n \n \n (TSX-V: FMN | FSE: S5GM | SSE: MNYC) (“\n \n \n Fidelity\n \n \n ” or the\n“\n \n \n Company\n \n \n ”)\n \n \n is pleased to announce that,\nfurther to the news release of March 1, 2024, the Company has settled\ndebt in the amount of\n \n \n $701,882.50 by the\nissuance of 14,037,650 common shares at a deemed price of $0.05 per\nshare (the “\n \n \n Settlement\nShares\n \n \n ”).  The Settlement Shares are subject\nto a four-month hold period expiring on October 20, 2024.\n \n \n \n \n Of the shares for debt settlement, $180,245 was owed to\ninsiders of the Company related to outstanding fees and $425,000 was\nowed to Lions Bay Capital Inc. (“\n \n \n Lions Bay\n \n \n ”) related\nto outstanding loans. Lions Bay is a major shareholder of Fidelity and\nhas provided continued support in the form of unsecured\nnon-interest-bearing advances (“\n \n \n Loans\n \n \n ”) to Company\nsince December of 2022 which totalled $622,477 prior to the shares for\ndebt settlement. Subsequent to the shares for debt transaction, the\nLoans outstanding from Lions Bay is $197,477.\n \n \n \n \n The debt settlement with each insider will be a\n\"related party transaction\" under Policy 5.9 of the TSX\nVenture Exchange and Multilateral Instrument 61-101 – Protection of\nMinority Security Holders in Special Transactions (\"MI\n61-101\"). The debt settlement with each of these individuals is\nexempt from the minority approval and formal valuation requirements of\nMI 61-101 pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101 as\nneither the fair market value of the debt, nor the fair market value\nof the shares to be issued in settlement of the debt, exceeds 25% of\nthe Company's market capitalization.\n \n \n \n \n About Fidelity Minerals Corp.\n \n \n \n \n Fidelity Minerals Corp. has assembled a portfolio of\nhigh-quality mining assets in Peru and aims to delineate major\ndeposits on these properties that could ...