Business
Olive Resource Capital Inc. Announces Shares for Debt Settlement
Toronto, Ontario--(Newsfile Corp. - January 18, 2023) - Olive Resource Capital Inc. (TSXV: OC) ("...
About this update from Olive Resource Capital Inc.
[{"type":"text","content":"Olive Resource Capital Inc. Announces Shares for Debt SettlementToronto, Ontario--(Newsfile Corp. - January 18, 2023) - Olive Resource Capital Inc. (TSXV: OC) (\"Olive\" or the \"Company\") announces that it is proposing to settle an aggregate of $190,000 owing to a former officer of the Company (the \"Creditor\") through the issuance of an aggregate of 1,000,000 common shares of the Company (the \"Common Shares\") at an implied issue price of C$0.04 per Common Share (being the closing price of the Company's shares on January 18, 2023), in addition to a cash payment of C$150,000 (the \"Shares for Debt Settlement\"). The Company determined to partially satisfy the indebtedness with common shares in order to preserve its cash for the development of its business.The Creditor is an arms-length party to Company, and the Shares for Debt Settlement fully satisfies all claims and obligations owing to the Creditor, which consisted of fees accrued during their employment with the Company. Following the Shares for Debt Settlement, the Company does not have any outstanding claims or legal proceedings against it. The debt settlement has been unanimously approved by the Company's independent directors, and the completion of the debt settlement is subject to receipt of TSX Venture Exchange approval. The Common Shares issued pursuant to the Shares for Debt Settlement will be subject to a four month hold period.Olive's December 31, 2022 NAV press release dated January 18, 2023 incorporates this settlement into its NAV calculation. The press release can be found at: https://olive-resource.com/olive-resource-capital-announces-december-31-2022-nav-of-c0-057-per-share/About OliveOlive is a resource-focused merchant bank and investment company with a portfolio of publicly listed and private securities. The Company's assets consist primarily of investments in natural resource companies in all stages of development. For further information, please contact: Derek Macpherson, Executive Chairman at [email protected] or by phone at (416) 294-6713 or Samuel Pelaez, President, CEO & CIO at [email protected] or by phone at (202) 677-8513. Olive's website is located at www.olive-resource.com. Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) acce...