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Magna Terra Minerals Announces Equity for Debt Settlement
TORONTO, April 09, 2019 (GLOBE NEWSWIRE) -- Magna Terra Minerals Inc. (the “Company” or “Magna Terra”) (TSX-V: MTT) (SSE: MTTCL) reports that its board of direc
About this update from Magna Terra Minerals Inc
[{"type":"text","content":" TORONTO, April 09, 2019 (GLOBE NEWSWIRE) -- Magna Terra Minerals Inc. (the “Company” or “Magna Terra”) (TSX-V: MTT) (SSE: MTTCL) reports that its board of directors has approved the settlement of up to $572,256.61 of debt through the issuance of common shares of the Company (the \"Debt Settlement\"). Pursuant to the Debt Settlement, the Company would issue 11,445,131 common shares of the Company (the \"Shares\") at a deemed price of $0.05 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. About UsMagna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra (MTT) has a significant interest in the province of Santa Cruz, Argentina within the prolific Deseado Massif in southern Patagonia. With five district scale drill ready projects, and a highly experienced management and exploration team, MTT is positioned to deliver significant shareholder value through the potential for precious metals discovery(s) on its extensive portfolio. For detailed information regarding our projects, please visit the Company’s website at: www.magnaterraminerals.com FOR FURTHER INFORMATION PLEASE CONTACT: Magna Terra Minerals Inc.Lewis Lawrick, President & CEO: 647-478-5307Email: [email protected]: www.magnaterraminerals.com Neither TSX Venture Exchange nor its Regulation Services Provider (as that t...