Business
Iconic Minerals Announces Closing of Gross Proceeds of $3,127,156 Debt Settlement
Vancouver, British Columbia--(Newsfile Corp. - June 30, 2023) - Iconic Minerals Ltd. (TSXV: IC...
About this update from Iconic Minerals Ltd
[{"type":"text","content":"Iconic Minerals Announces Closing of Gross Proceeds of $3,127,156 Debt SettlementVancouver, British Columbia--(Newsfile Corp. - June 30, 2023) - Iconic Minerals Ltd. (TSXV: ICM) (OTCQB: BVTEF) (FSE: YQGB) (the \"Company\" or \"Iconic\") announces that on June 30, 2023 it received acceptance from the TSX Venture Exchange to close its debt settlement announced in its News Release dated April 24, 2023.In accordance with the provisions of Debt Settlement Agreements signed on April 24, 2023, the Company has issued a total of 17,263,273 common shares at a deemed price between $0.1792 and $0.1818 per share to settle $3,127,156.50 of outstanding debt.All of these shares are subject to a hold period under applicable Canadian securities laws expiring on October 30, 2023, and will be subject to such further restrictions on resale as may apply under applicable foreign securities laws. One (1) Insider (the \"Related Parties\") will directly and/or indirectly acquire an aggregate of 3,802,017 Shares from the Debt Settlement, which will increase those Related Parties' pro rata shareholdings in the Company (the \"Related Party Transaction\"). All of the independent directors of the Company, acting in good faith, have determined that the fair market value of the securities being issued and the consideration paid is reasonable and is exempt from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101. On behalf of the Board of Directors\"Richard Barnett\"Richard Barnett, CFOContact: (604) 336-8614For further information on Iconic, please visit our website at www.iconicminerals.com. The Company's public documents may be accessed at www.sedar.com.Cautionary Note Regarding Forward-Looking StatementsThis news release contains forward-looking statements and forward-looking information (collectively, \"forward-looking statements\") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to the Option, the Joint Venture, the amount of the Offering, the expected use of proceeds from the Offering and the future business plans and exploration activities of the Company, are forward-looking ...