Business
Minnova Corp. Announces Debt Settlement of up to $600,000
Toronto, Ontario--(Newsfile Corp. - July 9, 2020) - Minnova Corp. (TSXV: MCI) (OTC: AGRDF) (" ...
About this update from Minnova Corp.
[{"type":"text","content":"Minnova Corp. Announces Debt Settlement of up to $600,000Toronto, Ontario--(Newsfile Corp. - July 9, 2020) - Minnova Corp. (TSXV: MCI) (OTC: AGRDF) (\"Minnova\" or the \"Company\"), a discovery-stage exploration and gold mine development company is pleased to announce that it has agreed to settle an aggregate of $600,000 of indebtedness owed to certain arm's length and non-arm's length creditors through the issuance of 3,000,000 common shares in the capital of the Company (the \"Common Shares\") at a price of $0.20 per Common Share (the \"Debt Settlement\"). All Common Shares issued in connection with the Debt Settlement are subject to a statutory hold period of four months and a day from the date of issuance in accordance with applicable securities laws. The Debt Settlement remains subject to the approval of the TSX Venture Exchange.The Debt Settlement constituted a \"related party transaction\" as defined in Multilateral Instrument 61-101 - Protection of Minority Securityholders in Special Transactions (\"MI 61-101\"), as insiders of the Company will be issued an aggregate of up to 2,500,000 Common Shares. The Company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101, based on the fact that the fair market value of the transaction does not exceed 25% of the market capitalization of the Company. A material change report will be filed not less than 21 days before the closing date of the Debt Settlement. This shorter period was reasonable and necessary in the circumstances, as it was necessary for the Company to complete the Debt Settlement to immediately improve the financial position of the Company.This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons as defined under applicable securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.About Minnova Corp.Minnova Corp. is an emerging Canadian gold producer focused on re-starting the PL Gold Mine and expanding gol...