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International Prospect Ventures Issues Shares in Settlement of Debt and Closes $305,000 Private Placement Financing
Val-d'Or, Quebec--(Newsfile Corp. - April 4, 2024) - International Prospect Ventures Ltd. (TSXV...
About this update from International Prospect Ventures Ltd
[{"type":"text","content":"International Prospect Ventures Issues Shares in Settlement of Debt and Closes $305,000 Private Placement FinancingVal-d'Or, Quebec--(Newsfile Corp. - April 4, 2024) - International Prospect Ventures Ltd. (TSXV: IZZ) (the \"Company\" or \"International Prospect\") announces that, further to its news releases of March 18 and March 28, 2024, it has issued 1,200,000 common shares at a deemed per share price of $0.05 in settlement of an aggregate of $60,000 in accrued debt owing as to $15,000 to 2973090 Canada Inc. (\"2973090\"), a company controlled by Glenn J. Mullan the President, CEO and a director of the Company, $15,000 to 9184-0876 Québec Inc.(\"9184-076\"), a company controlled by Jens Zinke, a director of the Company, $15,000 to Caracle Creek International Consulting Inc. (\"Caracle\") a company controlled by Scott Jobin-Bevans, the Vice-President Exploration and a director of the Company, $9,000 to Rico De Vega (\"De Vega\"), the Chief Financial Officer and Corporate Secretary of the Company and $6,000 to Robert Valliant (\"Valliant\"), a director of the Company (collectively the \"Debt Settlors\"). Each of 2973090, 9184-076 and Caracle forgave an additional $15,000 owed to each of them by the Company for consulting services rendered to the Company.The debt owed to the Debt Settlors related to consideration payable under the terms of consulting agreements entered into between the Company and each of 2973090, 9184-076, Caracle and De Vega, and director fees owed to Valliant (the \"Shares for Debt Transaction\"). The shares issued by the Company under the Shares for Debt Transaction are subject to a hold period until August 5, 2024, in accordance with applicable securities legislation and the policies of the TSX Venture Exchange.The issuance of shares by the Company to the Debt Settlors constitutes a related party transaction (a \"Related Party Transaction\") pursuant to the TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company availed itself of the exemptions contained in section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the se...