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Bankers Cobalt Announces Proposed Debt Settlement
VANCOUVER, British Columbia, Nov. 27, 2018 (GLOBE NEWSWIRE) -- Bankers Cobalt Corp. (TSXV: BANC; FSE: BC2; OTCQB: NDENF) (the “Corporation” or “Bankers”) announ
About this update from Magma Silver Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 27, 2018 (GLOBE NEWSWIRE) -- Bankers Cobalt Corp. (TSXV: BANC; FSE: BC2; OTCQB: NDENF) (the “Corporation” or “Bankers”) announces that it has agreed to settle $136,458.20 of debt owing to its consultants and insiders by issuing 2,729,164 common shares in the capital of the Company at a deemed price of $0.05 per common share (the “Shares”). No warrants were issued in connection with the debt settlement. The debt settlement transaction is subject to the approval of the TSX Venture Exchange and all Shares issued pursuant to the debt settlements will be subject to a four-month statutory hold period. The debt settlement will not create a new control person. The Company believes it is in the best interest of its shareholders to reduce the amount of accrued indebtedness to improve its financial position. The issuance of portion of the Shares constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101, as directors and officers of the Company will receive an aggregate of 2,158,860 Shares. All the directors of the company without a material interest in the debt settlement, acting in good faith, considered the debt settlement and have determined that the value of the consideration received by Bankers is fair and reasonable. Bankers notes that in this regard the $0.05 per Share debt settlement price is above the current trading price for the Company’s common shares. Bankers is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the debt settlement insofar as it involves related parties, does not exceed 25 per cent of the market capitalization of Bankers. About Bankers Bankers is a natural resource company with a primary focus on the acquisition, exploration and development of cobalt and copper mineral properties in the DRC and Namibia to world-class Canadian standards. Bankers has acquired an option on licenses covering 1,078 km² in Namibia with the potential for copper, cobalt and other metals. Bankers holds rights to 30 separate mineral concessions strategically located in the southern DRC Copperbelt and having a total area of more than 400km². Bankers has the intention to acquire interests in additional concessions or relinqui...