Business
St. Augustine Gold and Copper Limited Announces Completion of Debt Conversion of $1,670,207
Singapore, Singapore--(Newsfile Corp. - June 19, 2025) - St. Augustine Gold and Copper Limited (T...
About this update from St. Augustine Gold & Copper Ltd.
[{"type":"text","content":"St. Augustine Gold and Copper Limited Announces Completion of Debt Conversion of $1,670,207Singapore, Singapore--(Newsfile Corp. - June 19, 2025) - St. Augustine Gold and Copper Limited (TSX: SAU) (\"St. Augustine\" or the \"Company\") is pleased to announce that, further to its press release dated June 2, 2025, it has completed its previously announced debt settlement (the \"Debt Settlement\") transaction with Queensberry Mining and Development Corp. (the \"Creditor\"). Pursuant to the Debt Settlement, the Company issued an aggregate of 25,306,166 common shares in the capital of the Company, at a deemed price of $0.066 per common share, in consideration for the settlement of a total of CAD $1,670,207 in connection with certain funds advanced to the Company by the Creditor. The Debt Conversion is a \"related party transaction\" for the purposes of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (\"MI 61-101\"). The Company is relying on an exemption from the minority approval and formal valuation requirements of MI 61-101 due to the fact that the value of the transaction does not represent greater than 25% of the market capitalization of the Company. About St. AugustineSt. Augustine (SAU.T) is a TSX-listed mining company focused on the development of the King-king Copper-Gold Project. The Project is one of the largest undeveloped copper-gold deposits in the world and is listed as a top three-priority mining project by the Philippine government.CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTSThis announcement includes certain \"forward-looking statements\" within the meaning of Canadian securities legislation. All statements, other than statements of historical fact included herein are forward looking statements. Forward-looking statements involve various risks and uncertainties and are based on certain factors and assumptions. While we consider these assumptions to be reasonable based on currently available information, they may prove to be incorrect. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking information is also subject to certain factors, including risks and uncertainties, that could cause actual results to differ materially fro...