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ST. JAMES GOLD CORP. (TSX-V: LORD) ANNOUNCES REINSTATMENT OF TRADING, DEBT RESOLUTION, AND EXPIRED INVESTOR RELATIONS CONTRACT
Vancouver, British Columbia, July 25, 2025 (GLOBE NEWSWIRE) -- St. James Gold Corp. (the “...
About this update from St. James Gold Corp
[{"type":"text","content":"ST. JAMES GOLD CORP. (TSX-V: LORD) ANNOUNCES REINSTATMENT OF TRADING, DEBT RESOLUTION, AND EXPIRED INVESTOR RELATIONS CONTRACT\n\n\n\n Vancouver, British Columbia, July 25, 2025 (GLOBE NEWSWIRE) -- St. James Gold Corp. (the “\n \n Company\n \n ” or “\n \n St. James\n \n ”)\n \n (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3)\n \n announced today that its common shares will be reinstated for trading on the TSX Venture Exchange (the “Exchange”) on or about July 29, 2025 as the TSX Venture Exchange has completed its review.\n \n\n The Company’s financial statements for the period ended March 31, 2025 reflected a working capital deficiency $1,905,769. In order to resolve the deficiency and comply with the Exchange listing requirements, the Company has taken the following steps:\n \n\n\n The Company has entered into agreements with its largest short-term creditors to issue unsecured notes with a maturity 18 month after issuance to satisfy their indebtedness. A total of $1,580,052.49 of short-term debt is expected to be resolved pending Exchange review and Exchange acceptance.\n \n\n\n The Company has written off $317,725 of indebtedness that was beyond the statutory limitation period.\n \n\n\n As a result of these transactions, and after closing of the Company’s pending private placement, announced December 27, 2024, the adjusted working capital as at March 31, 2025, will be $129,209.49.\n \n\n Of the $1,580,052.49 a total of $1,222,758 represents management fees owed to current and former management. The agreements under which the fees were incurred were never filed or accepted by the Exchange. In addition, $917,068 of these fees exceeded the amounts permissible under Exchange policy. As a result the notes issued in satisfaction of those fees are non interest bearing and are subject to restriction on payment or conversion into stock without approval by a majority of the disinterested shareholders of the Company.\n \n\n The remaining notes that were issued in satisfaction of legal fees and disbursements and amounts advanced by a shareholder to pay Auditors bill bear interest at 10% per annum.\n \n\n The Company intends to seek approval of shares for debt to satisfy the unrestricted notes once the shares of the Company return to trading and the market has stabilized, and to seek app...