Business
Slave Lake Zinc Corp. Announces Shares for Debt Transactions
Vancouver, British Columbia--(Newsfile Corp. - February 10, 2023) - Slave Lake Zinc Corp. (CSE: ...
About this update from Slave Lake Zinc Corp
[{"type":"text","content":"Slave Lake Zinc Corp. Announces Shares for Debt TransactionsVancouver, British Columbia--(Newsfile Corp. - February 10, 2023) - Slave Lake Zinc Corp. (CSE: SLZ) (\"Slave Lake\" or the \"Company\") is pleased to announce that the Company has issued an aggregate of 2,617,710 common shares (\"Debt Shares\") to certain of its directors and the Company's chief financial officer (the \"Creditors\") in exchange for the cancellation of the aggregate of $261,771 of fees and expenses owing. The Debt Shares are being issued at $0.10 per Debt Share, which is above the closing market price of the common shares of the Company as listed on the Canadian Securities Exchange (\"CSE\") on February 9, 2023, being $0.095, in accordance with the policies of the CSE.The issuance of the Debt Shares to the Creditors constitutes a \"related party transaction\" as this term is defined in Multilateral Instrument 61-101: Protection of Minority Securityholders in Special Transactions (\"MI 61-101\"). The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value of the Debt Shares nor the aggregate debt exceeds 25% of the Company's market capitalization.About Slave Lake ZincSlave Lake Zinc Corp. intends to develop the potential of its O'Connor Lake property, an historic zinc lead copper property located in the Northwest Territories of Canada. The property is located south of Great Slave Lake and to the east of Pine Point project. The property was initially developed after the Second World War and subsequently abandoned in 1952 when the prices of zinc and lead collapsed post war. Slave Lake Zinc Corp. believes that it is well positioned to advance this project and to expand significantly the historic potential of the property. For more information, please visit www.zinccorp.ca. On Behalf of the Board of Directors, Slave Lake Zinc Corp.Per:Ritch Wigham CEO & DirectorPhone: 604-396-5762Email: [email protected] the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of the content of this news release.Forward-Looking StatementStatements in this news release that are forward-looking statements are su...