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PPX Mining Completes Shares for Debt Transaction and Announces Additional Debt Settlement
TORONTO, ON / ACCESSWIRE / February 17, 2023 / PPX Mining Corp. (the " Company " or " PPX ") is ...
About this update from Ppx Mining Corp.
[{"type":"text","content":"PPX Mining Completes Shares for Debt Transaction and Announces Additional Debt SettlementTORONTO, ON / ACCESSWIRE / February 17, 2023 / PPX Mining Corp. (the \"Company\" or \"PPX\") is pleased to announce that further to its press release dated January 18, 2023, the Company has issued 7,306,425 common shares of the Company (each, a \"Debt Share\"), at a deemed issue price of US$0.02 (C$0.0273) per Debt Share, as settlement of outstanding debt in the amount of US$146,128.50 (C$199,465.41) (the \"Debt Settlement\") that was owed by the Company to an arm's length creditor (the \"Creditor\"). The Company received the approval of the TSX Venture Exchange (the \"Exchange\") to the Debt Settlement. The Debt Shares are subject to a hold period expiring on June 18, 2023, in accordance with applicable securities laws and the policies of the Exchange. The remainder of the outstanding debt owing by the Company to the Creditor will be settled in staged cash payments, as further described in the press release of the Company dated January 18, 2023.The Company also announces that it has entered into a debt settlement agreement dated February 16, 2023 with a former director of the Company (the \"Former Director\") to settle the outstanding debt owed by the Company for a loan of US$50,000 advanced by the Former Director to the Company. The principal amount of the debt of US$50,000 (C$68,250) will be settled in staged cash payments and the interest accrued on the principal amount at a rate of 12% per annum in the total amount of US$27,032 (C$36,042) will be settled by the Company issuing 1,320,220 Debt Shares, at a deemed issue price of US$0.02 (C$0.0273) per Debt Share, to the Former Director (the \"Loan Debt Settlement\"). The Loan Debt Settlement is subject to the approval of the Exchange. The Debt Shares to be issued to the Former Director will be subject to a hold period expiring on the date that is four months and one day after the date of issuance, in accordance with applicable securities laws and the policies of the Exchange.About PPX Mining Corp:PPX Mining Corp. (TSXV:PPX.V), (BVL:PPX) is a Canadian-based mining company with assets in northern Peru. Igor, the Company's 100%-owned flagship gold and silver project, is located in the prolific Northern Peru gold belt in eastern La Libertad Department.On behalf of the Board of Directors Brian ...