Business
Sailfish to Settle Interest Payment in Shares
Tortola, British Virgin Islands--(Newsfile Corp. - November 27, 2023) - Sailfish Royalty Corp. (T...
About this update from Sailfish Royalty Corp.
[{"type":"text","content":"Sailfish to Settle Interest Payment in SharesTortola, British Virgin Islands--(Newsfile Corp. - November 27, 2023) - Sailfish Royalty Corp. (TSXV: FISH) (OTCQX: SROYF) (the \"Company\" or \"Sailfish\") announces that it has elected to settle an aggregate of US$205,000 in interest accrued up to November 24, 2023 through the issuance of an aggregate of 219,397 common shares in the capital of the Company (\"Shares\") at a deemed price of CDN$1.28 per Share to the holders of convertible debentures dated May 24, 2023 (the \"Debentures\"). Each Debenture accrues interest at a rate of 10% per annum payable semi-annually in arrears. Under the terms of the Debentures, subject to TSX Venture Exchange (\"TSXV\") acceptance, accrued interest is payable at the election of the Company in Shares at a price per Share equal to the greater of: (A) the twenty day average closing price of the Shares on the TSXV immediately before the date the Shares are issued in satisfaction of accrued interest; and (B) the closing price of the Shares on the TSXV on the date immediately before the date the Shares are issued in satisfaction of accrued interest. The issuance of the Shares to Wexford Catalyst Trading Limited and Wexford Spectrum Trading Limited (the \"Interested Parties\") constitutes a \"related party transaction\" within the meaning of MI 61-101. Notwithstanding the foregoing, the directors of the Company have determined that the issuance of Shares to the Interested Parties will be exempt from the formal valuation requirements of MI 61-101 by virtue of the exemption contained in section 5.5(a) and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(1)(a) of MI 61-101 as the fair market value of the securities issued to the Interested Parties did not exceed 25% of the Company's market capitalization. The Company did not file a material change report 21 days prior to the closing of the transaction as the details of the participation of Interested Parties had not been confirmed at that time.The foregoing is subject to TSXV approval, the Shares will be subject to a statutory hold period of four months from the date of issuance, in accordance with applicable securities legislation.About SailfishSailfish is a precious metals royalty and streaming company. Within Sailfish's portfolio are thr...