Business
Romios Announces Closing of $968,000 Insider Debt Settlement
Toronto, Ontario--(Newsfile Corp. - October 2, 2025) - Romios Gold Resources Inc. (TSXV: RG)...
About this update from Oreterra Metals Corp.
[{"type":"text","content":"Romios Announces Closing of $968,000 Insider Debt SettlementToronto, Ontario--(Newsfile Corp. - October 2, 2025) - Romios Gold Resources Inc. (TSXV: RG) (OTCID: RMIOF) (FSE: D4R) (\"Romios Gold\" or the \"Company\")  is pleased to announce that further to its press release of July 16, 2025, it has extinguished $968,386 of debt owed to certain former and current officers and directors in consideration for the issuance of 25,578,450 common shares of the Company at a price of $0.02 per share (the \"Debt Settlement\"). \"The settlement of this debt is a key step forward in the process now well underway, of reinvigorating Romios,\" said Kevin Keough, CEO. \"Our goal is to enter 2026 with a clean balance sheet and a fresh new look, positioned to achieve exploration success next season at our Trek South copper-gold prospect in BC's Golden Triangle.\" Anastasios (Tom) Drivas (\"Tom Drivas\"), a former director of the Company and former President and CEO, was owed $701,817.07 for salary for the period from February 2016 to January 2022. Tom Drivas forgave $201,817.07 of accrued salary owed to him, and settled his outstanding salary of $500,000 (the \"Reduced Salary\") in consideration for the issuance of $245,000 of common shares at $0.02 per common share for a total of 12,250,000 common shares. The Company is also obligated to pay the remainder of his Reduced Salary, being $255,000, to the Canada Revenue Agency for source deductions by November 15, 2025. All securities issued pursuant to the closing of the Debt Settlement are subject to a statutory hold period expiring on February 2, 2026.The insider debt settlements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 (\"MI 61-101\") by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company issued to insiders did not exceed 25% of its market capitalization.Early Warning Disclosure Regarding Tom DrivasTom Drivas, a former director of the Company, has acquired 12,250,000 common shares pursuant to the Debt Settlement. Immediately prior to the completion of the Debt Settlement, Tom Drivas beneficially owned, directly or indirectly, or exercised control or direction over, 21,192,287 common shares, 833,333 comm...