Business
Loyalist Exploration Closes Final Tranche of Financing and Shares for Debt Transactions
Toronto, Ontario – TheNewswire – September 2, 2025 – Loyalist Exploration Limited (CSE:PNGC) (“Loyalist” or the “Company”) is pleased to announce it has issued
About this update from Loyalist Exploration Limited
[{"type":"text","content":"Toronto, Ontario – TheNewswire – September 2, 2025 – Loyalist Exploration Limited (CSE:PNGC) (“Loyalist” or the “Company”) is pleased to announce it has issued 7,800,000 units of the Company (“Units”) for aggregate gross proceeds of $78,000 third and final tranche (the “Third Tranche”) of its non-brokered private placement at a price of $0.01 per Unit (the “Offering Price”). Each Unit consists of one common share of the Company and one common share purchase warrant exercisable at a price of $0.05 for thirty-six months following the date of issuance. The entire Offering raised $408,000 with the issuance of 40,800,000 Units. In connection with the Third Tranche, the Company paid finder’s fees of $6,240 and issued 780,000 finder’s warrants to acquire one Unit of the Offering at the Offering Price for a period of sixty months from the closing date of the Financing. The proceeds from the Third Tranche will be used for general working capital purposes. The Company is also pleased to announce that it has completed its recently announced debt unit settlement with the issuance of 11,028,300 units of the Company (the \"Debt Units\") to certain individuals, including an officer of the Company, a director of the Company, two lenders, and a service provider in exchange for the cancellation of an aggregate amount of up to $110,283 of outstanding debt. The Debt Units have been issued at deemed price of $0.01 per Debt Unit (the \"Shares for Debt Transaction\"). Each Unit consists of one common share (“Common Share”) of the Company and one common share purchase warrant exercisable at a price of $0.05 for thirty-six months following the date of issuance. The Board of Directors of the Company determined that the Shares for Debt Transaction is in the best interests of the Company in that it preserves cash and with the settlement, it helps to align the individuals with the Company’s shareholders. Of the total $110,283 debt being converted, $59,255 represents amounts owed to Errol Farr, the CEO of the Company, for outstanding management fees as of May 31, 2025 and $11,014 represents principal ($10,000) and accumulated interest at 8% per annum owing to a company controlled by Stephen Balch, a director, of the Company, and $24,000 represents principal ($20,000) and a commitment fee of $4,000 owing to a company co...