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PPX Mining Completes a Group of Debt Settlements
TORONTO, ON / ACCESSWIRE / March 10, 2023 / PPX Mining Corp. (the " Company " or " PPX ") is ple...
About this update from Ppx Mining Corp.
[{"type":"text","content":"PPX Mining Completes a Group of Debt SettlementsTORONTO, ON / ACCESSWIRE / March 10, 2023 / PPX Mining Corp. (the \"Company\" or \"PPX\") is pleased to announce that it has received regulatory approval and has completed several settlements that involves shares for debt transactions.Completion of Debt Settlement Announced on November 8, 2022The Company has completed the debt settlement with four creditors previously announced on November 8, 2022. The Company has settled debt in the amount of US$2,174,016.84 (C$2,967,532.99) through the issuance of an aggregate of 108,700,842 common shares in the capital of the Company (the \"Shares\") to the creditors at a deemed issue price of US$0.02 (C$0.0273) per Share. The Shares are subject to a securities law and TSX Venture Exchange hold period expiring on July 9, 2023. See the press release of the Company dated November 8, 2022 for further information with respect to this debt settlement.As a result of this debt settlement, two control persons of the Company were created, which was approved by the disinterested shareholders of the Company on December 16, 2022 in the Company's last Annual General and Special Meeting of Shareholders, with results announced on December 19, 2022. See the management information circular of the Company dated November 14, 2022 filed on SEDAR under the Company's profile for further information.Completion of Debt Settlement Announced on February 17, 2023The Company has also completed the debt settlement with one creditor previously announced on February 17, 2023. The Company has settled debt in the amount of US$26,404.40 (C$36,042.01) through the issuance of an aggregate of 1,320,220 Shares to the creditor at a deemed issue price of US$0.02 (C$0.0273) per Share. The Shares are subject to a securities law and TSX Venture Exchange hold period expiring on July 9, 2023. See the press release of the Company dated February 17, 2023 for further information with respect to this debt settlement.John Thomas, Chief Executive Officer, commented, \"the completion of these settlements along with other restructuring activities have removed immense pressure to our balance sheet, contributing materially to rebuild PPX's working capital\".About PPX Mining Corp:PPX Mining Corp. (TSX.V:PPX.V, BVL:PPX) is a Canadian-based mining company with assets in northern Peru. Igor, the Company...