Altaley Mining Announces Proposed Name Change to Luca Mining Corp. and Debt Settlement Agreements

About this update from Luca Mining Corp

[{"type":"text","content":"Altaley Mining Announces Proposed Name Change to Luca Mining Corp. and Debt Settlement Agreements\n \n \n (NewsDirect)\n \n \n Altaley Mining\nCorporation (the “Company” or “Altaley”) is pleased to\nannounce a proposed change of the Company’s name to Luca Mining\nCorporation, and the negotiation of debt settlement agreements with\nseveral lenders.\n \n \n \n Name Change\n \n \n \n The Board of Directors has recommended and authorized a change\nof the Company’s name to Luca Mining Corporation. The Company plans\nto change its TSX Venture and OTCQX ticker symbol to “LUCA”. The\ntiming of the name change, ticker symbol change and corporate\nre-branding will be announced at a later date. Subject to the name\nchange, the Company’s web domain name will change to\n \n www.lucaminin\n \n g.com.\n \n \n \n Debt Settlement of\nLoans\n \n \n \n The\nCompany has also entered into a series of debt settlement agreements\nin respect of CAD $9,439,318.54 of loan debts owed to various\ncreditors (the “\n \n Debt Settlements\n \n ”). Pursuant to the Debt\nSettlements, the Company will issue an aggregate of 20,976,263 Shares,\nat a deemed price of $0.45 per Share. The Debt Settlements remain\nsubject to the approval of the TSXV. The Shares issued in connection\nwith the Debt Settlements will be subject to a four month plus one day\nhold period under applicable Canadian securities laws.\n \n \n \n Entry into Corporate\nFinance Advisory Agreement\n \n \n \n The Company has also entered into a corporate\nfinance advisory agreement (the “\n \n Advisory Agreement\n \n ”) with\nFort Capital Partners. Pursuant to the Advisory Agreement, the Company\nhas retained Fort Capital Partners to provide corporate finance and\nrelated advice for a minimum period of 12 months in consideration of a\nmonthly retainer and the grant of 250,000 non-transferable share\npurchase warrants, with each such warrant exercisable into one Share\nat a price of $0.50 per Share for a period of three years from the\ndate of issuance. The Advisory Agreement is subject to the approval of\nthe TSXV.\n \n \n Mike\nStruthers, CEO, commented:\n \n “In keeping with recent management and\nother changes in the Company, and the transformational year ahead\nwhich should see the Company achieving s...

More updates from Luca Mining Corp