Business
SLAM Announces Shares for Debt Settlement
(TheNewswire) January 9, 2025 – TheNewswire - Miramichi, New Brunswick  ...
About this update from Slam Exploration Ltd.
[{"type":"text","content":"SLAM Announces Shares for Debt Settlement\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n January 9, 2025 –\n \n\n TheNewswire -\n \n\n Miramichi, New Brunswick ‐ SLAM\nExploration Ltd. (TSXV: SXL\n \n\n ) (“\n \n\n SLAM\n \n\n ” or the\n“\n \n\n Company\n \n\n ”)\n \n\n\n\n proposes to issue an aggregate of 6,000,000 common\nshares in the capital of the Company at an agreed price of $0.05 per\nshare to settle\n \n\n $300,000\n \n\n in debt (the “\n \n\n Debt\nSettlement\n \n\n ”) with a creditor that is an\ninsider of the Company.\n \n\n\n\n The board of directors and management of the Company\nbelieve that the proposed Debt Settlement transaction is in the best\ninterests of the Company insofar as it allows the Company to allocate\na greater portion of its cash on hand for exploration and general\nworking capital.\n \n\n\n\n The Debt Settlement is subject to receipt of TSX\nVenture Exchange approval. Common shares issued pursuant to the Debt\nSettlement will be subject to a statutory four-month and one day hold\nperiod from the date of issuance in accordance with Canadian\nSecurities Law and the policies of the TSX Venture Exchange.\n \n\n\n\n MI 61-101 Disclosure\n \n\n\n\n One Insider of the Company will be participating in the\nDebt Settlement and is a related party of the Company pursuant to\nMultilateral Instrument 61-101 -\n \n\n Protection of Minority Security Holders in\nSpecial Transactions\n \n\n (\"\n \n\n MI 61-101\n \n\n \").\nRelated party involvement in the Debt Settlement constitutes a\n\"related party transaction\". The Company expects to rely on\nthe exemptions from the formal valuation and minority shareholder\napproval requirements of MI 61-101 pursuant to Sections 5.5(a) and\n5.7(1)(a) respectively, as neither the fair market value of the\nsubject matter of, nor the fair market value of the consideration for,\nthe Debt Settlement, insofar as it involves interested parties,\nexceeds 25 per cent of the Company's market capitalization.\n \n\n\n\n Menneval Purchase Agreement –\nBoundary Gold Claim\n \n\n\n\n Further to the Company’s news release dated December\n18, 2024, SLAM is pleased to also announce that the TSX Venture\nExchange has approved the Purchase Agreement with Gravel Developments\nInc. (the “\n \n\n Vendor\n \n\n ...