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Montan Mining Shareholders Approve Lions Bay Shares for Debt Agreement
Vancouver, British Columbia--(Newsfile Corp. - June 8, 2018) - Montan Mining Corp. (TSXV: MNY)...
About this update from Lions Bay Capital, Inc.
[{"type":"text","content":"Montan Mining Shareholders Approve Lions Bay Shares for Debt AgreementVancouver, British Columbia--(Newsfile Corp. - June 8, 2018) - Montan Mining Corp. (TSXV: MNY) (FSE: S5GM) (SSE: MNYC) (\"Montan\" or the \"Company\") is pleased to announce that it has successfully completed its June 7th annual and special general meeting of shareholders, and that all Resolutions proposed for the meeting were passed by participating shareholders.In particular, the Resolution to approve Lions Bay Capital Inc. as a Control Person of the Company was passed by a vote of over 99% of voting shareholders. The Company and Lions Bay will now proceed to settle $1.03 million of Company indebtedness (the \"Shares for Debt Transaction\") through issuance to Lions Bay of 20,649,774 Company common shares at a deemed price of $0.05 per share. On completion of the Shares for Debt Transaction, the Company will have 48,755,222 Common Shares issued and outstanding. The Shares for Debt Transaction will result in Lions Bay becoming a control person of Montan. The Shares for Debt Transaction is conditional upon obtaining final TSX Venture Exchange approval.The Company is also now working to close a previously announced financing that is expected to close immediately prior to closing of the Shares for Debt Transaction, and on completion of the Shares for Debt Transaction and the financing the Company will have approximately 60,755,222 Common Shares issued and outstanding. The financing consists of 12,000,000 units at a price of $0.05 per unit for total gross proceeds of up to $600,000. Each unit consists of one common share and a whole warrant, with each whole warrant exercisable into one additional common share at $0.06 per share for one (1) year after the closing date.Montan Mining's objective is to reduce corporate debt and recapitalise the company, as an important step in enabling the company to pursue and execute on value accretive activities, commencing with the restart of the Company's wholly owned Cerro Dorado gold processing plant in southern PeruBoard ChangesFollowing the passing of all the resolutions at the Annual General and Special Meeting of Shareholders of Montan Mining Corp on June 7, 2018, including LBI becoming a control person of Montan Mining Corp., LBI director Bahay Ozcakmak has agreed to join the board of directors of Montan Mining Corp.. Con...