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Mammoth Announces Lifting of Management Cease Trade Order and Issuance of Shares for Debt and Incentive Options
Toronto, Ontario--(Newsfile Corp. - July 16, 2020) - Mammoth Resources Corp. (TSXV: MTH), (th...
About this update from Mammoth Resources Corp.
[{"type":"text","content":"Mammoth Announces Lifting of Management Cease Trade Order and Issuance of Shares for Debt and Incentive OptionsToronto, Ontario--(Newsfile Corp. - July 16, 2020) - Mammoth Resources Corp. (TSXV: MTH), (the \"Company\", or \"Mammoth\") would like to announce that following the filing yesterday of its audited year-end January 31, 2020 financial statements and MD&A, such delay in filing which occurred under the exemption granted on March 18, 2020 by Canadian securities regulatory authorities which provided coordinated relief consisting of a 45-day extension for certain periodic filings required to be made on or prior to June 1, 2020 as a result of the COVID-19 pandemic; Ontario Securities Commission Instrument 51-502 Temporary Exemption, that following this filing, the previous voluntary Management Cease Trade Order originally announced on May 29, 2020, has been lifted regarding the filing of these year-end audited statements. The Company has yet to file its first quarter 2020 financial statements and MD&A which were due on June 30, 2020. Mammoth is expecting to file these statements shortly. The Company is relying on the Instrument 51-502 Temporary Exemption in the filing of the first quarter statements.Mammoth would also like to announce that the Company has applied to the TSX Venture Exchange (the \"Exchange\") to issue 2,503,000 common shares of the Company to settle a total of $87,605.00 in related party and third party debts. Common shares for this debt are being exchanged at the same $0.035 per common share price as the recently announced private placement which closed on June 16, 2020 with the issuance of 4,785,000 common shares for gross proceeds of $167,475. The shares for debt are being issued under the terms of the Exchange Bulletin dated April 8, 2020: Temporary Relief of $0.05 Minimum Pricing Requirement, wherein the Exchange provided notice it was undertaking measures in response to the COVID-19 pandemic, including temporary relief from certain minimum pricing requirements. Under the Temporary Relief Bulletin, the minimum deemed price at which debt may be converted into Listed Shares is revised from $0.05 to $0.01 in certain circumstances where the Market Price of an Issuer's Listed Shares is not greater than $0.05. Mammoth relied on this same Temporary Relief in the pricing of its recent private placement. T...