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Magna Terra Announces Resignation of Director; Equity for Debt Settlement; And Issuance of Stock Options
TORONTO, ON / ACCESSWIRE / December 21, 2020 / Magna Terra Minerals Inc. (the "Company" or "...
About this update from Magna Terra Minerals Inc
[{"type":"text","content":"Magna Terra Announces Resignation of Director; Equity for Debt Settlement; And Issuance of Stock OptionsTORONTO, ON / ACCESSWIRE / December 21, 2020 / Magna Terra Minerals Inc. (the \"Company\" or \"Magna Terra\") (TSX-V:MTT) reports that Mr. Richard Bedell has resigned from its Board of Directors, effective December 15, 2020.\"On behalf of the Board, I would like to thank Richard for his years of service to the Company and its shareholders, and in particular his technical input and oversight of our Argentine exploration projects.\" Lew Lawrick, President & CEOEquity for Debt SettlementThe Company also announces that its Board of Directors has approved the settlement of up to $82,025 of debt through the issuance of common shares of the Company (the \"Debt Settlement\"). Pursuant to the Debt Settlement, the Company would issue 410,125 common shares of the Company (the \"Shares\") at $0.20 per Share to certain creditors of the Company, including certain of its directors and officers (the \"Creditors\").The issuance of the Shares to the Creditors is subject to the approval of the TSX Venture Exchange. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.As certain insiders participated in the Debt Settlement, it is considered to be a \"related party transaction\" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). All of the independent directors of the Company, acting in good faith, considered the transactions and have determined that the fair market value of the securities being issued to insiders and the consideration being paid is reasonable. The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(b) of MI 61-101.Issuance of Stock OptionsLastly, the Company announces that it has granted a total of 1,138,571 stock options to certain Officers, Directors, Contractors, and Consultants to the Company in accordance with its Stock Option Plan. Each option is exercisable at $0.20 per share for a period of 5 years from issuance, and will have standard vesting conditions.About Magna TerraMagna Terra Minerals Inc. is a precious metals focused exploration company, head...