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International Prospect Ventures Updates Proposed Issuance of Shares in Settlement of Debt and $300,000 Private Placement Financing
Val-d'Or, Québec--(Newsfile Corp. - March 28, 2024) - International Prospect Ventures Ltd. ...
About this update from International Prospect Ventures Ltd
[{"type":"text","content":"International Prospect Ventures Updates Proposed Issuance of Shares in Settlement of Debt and $300,000 Private Placement FinancingVal-d'Or, Québec--(Newsfile Corp. - March 28, 2024) - International Prospect Ventures Ltd. (TSXV: IZZ) (the \"Company\") announces that, further to its news release of March 18, 2024 subject to acceptance by the TSX Venture Exchange and with the intent of preserving its cash resources for operations, it proposes issuing 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\"). The debt owing to the Debt Settlors relates 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 owing to Valliant. 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 share for debt offering is subject to acceptance by the TSX Venture Exchange. Shares proposed to be issued by the Company in settlement of the debt will be issued at a deemed per share price of $0.05 in accordance with the policies of the TSX Venture Exchange and will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities legislation. The proposed 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 will avail itself of exemptio...