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Nio Strategic Metals Announces Closing of Debt Conversion Agreements and Notice of Annual and Special Meeting of Shareholders
Montreal, Quebec--(Newsfile Corp. - May 20, 2025) -  Nio Strategic Metals Inc. (TSXV: NIO) (...
About this update from Nio Strategic Metals Inc
[{"type":"text","content":"Nio Strategic Metals Announces Closing of Debt Conversion Agreements and Notice of Annual and Special Meeting of ShareholdersMontreal, Quebec--(Newsfile Corp. - May 20, 2025) -  Nio Strategic Metals Inc. (TSXV: NIO) (OTC Pink: NIOCF) (\"Nio\" or the \"Corporation\"), a critical mineral exploration company, is pleased to announce that, further to its previous press release dated April 11, 2025, the Corporation has received acceptance from the TSX Venture Exchange (the \"TSXV\") and completed its shares for debt agreements (the \"Debt conversion Agreements\") to convert the outstanding Principal of a Loan dated February 17, 2021 in the amount of $450,000 with Nio-Metals Holdings LLC and to settle an aggregate of $45,000 of accrued services owed to certain directors and officers of the Corporation by issuing thereof an aggregate of 11,000,001 common shares in the capital of the Corporation (the \"Shares\") at a deemed price of $0.045 per share in accordance with the policies of the TSXV. The Debt conversion Agreements constitute Related Party Transactions within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Corporation relied on the exemptions from the valuation and minority shareholder 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 shares for debt transaction with the forgoing insiders does not exceed 25% of the market capitalization of the Corporation, as determined in accordance with MI 61-101. The Corporation did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Debt conversion Agreements, which the Corporation deems reasonable in the circumstances as the Corporation wishes to improve its financial position by reducing its existing liabilities. Further details regarding the foregoing transactions are included in a material change report filed by the Company less than 10 days after the closing of the transaction and the formal acceptance by the TSXV.The Board of Directors and Management of Nio determined these two agreements will improve its financial position drastically since, the Corporation will no longer carry any debt on its balance sheets, except for usual short-term accrued payables. A...