Business
Signature Resources Announces Closing of a Shares for Debt Transaction
Toronto, Ontario--(Newsfile Corp. - March 31, 2023) - Signature Resources Ltd. (TSXV: SGU) (OTCQB...
About this update from Signature Resources Ltd.
[{"type":"text","content":"Signature Resources Announces Closing of a Shares for Debt TransactionToronto, Ontario--(Newsfile Corp. - March 31, 2023) - Signature Resources Ltd. (TSXV: SGU) (OTCQB: SGGTF) (FSE: 3S30) (\"Signature\" or the \"Company\") announces that further to its press release dated March 8, 2023 it has completed its shares for debt transaction whereby an aggregate of $217,402 of the Company's outstanding debt was settled by way of the issuance of 5,435,050 common shares in the capital of the Company to two non-arms length creditors at a deemed price of $0.04 per Share (the \"Shares\"). The Company confirms that the debt settled in this transaction was owed to two non-arm's length parties of the Company, which included a $200,000 cash advance made by a non-arm's length party to the Company on November 18, 2022. The debt settlement is not related to payments being made to persons conducting investor relations activities and all securities issued in the shares for debt transaction are subject to a statutory hold period ending August 1, 2023, and subject to final acceptance of the TSX Venture Exchange.Settlement of this shares for debt transaction closes the Company's recent efforts to close two previously announced transactions, including a non-brokered private placement (the \"Offering\") for gross proceeds of C$813,000. As previously announced in the Company's March 8, 2023 press release participants in the private placement included a non-arms length party to the Company who subscribed for 4,564,950 common shares as well as Insiders of the Company who purchased or acquired direction and control over a total of 10,000,000 common shares, constituting a \"related party transaction\" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") adopted in the Policy. Closing of the two transactions including the non-brokered private placement as the shares for debt transaction amounted to the Company issuing a total of 25,760,050 common shares, of which 15,000,000 were acquired by Insiders of the Company. About Signature The Lingman Lake gold property consists of 1,434 staked claims, four freehold fully patented claims and 14 mineral rights patented claims totaling approximately 27,113 hectares. The property includes what has historical...