Business
Atlantic Industrial Announces Debt Settlement, Name Change and Consolidation
Bedford, Nova Scotia--(Newsfile Corp. - February 19, 2021) - Atlantic Industrial Minerals Inc...
About this update from Sylla Gold Corp
[{"type":"text","content":"Atlantic Industrial Announces Debt Settlement, Name Change and ConsolidationBedford, Nova Scotia--(Newsfile Corp. - February 19, 2021) - Atlantic Industrial Minerals Incorporation (NEX: ANL.H) (the \"Company\") is pleased to announce that it has agreed to settle and aggregate of $491,057.90 of indebtedness owed to certain arm's length and non-arm's length creditors through the issuance of an aggregate of 9,821,158 common shares (\"Common Shares\") of the Company at a deemed price of $0.05 per Common Share (the \"Debt Settlement\"). Of this amount, $205,000.00 of indebtedness relates to the provision of management fees and loans for an aggregate of 4,100,000 Common Shares, which will be issued to the Company's Chief Financial Officer and director. In addition, the Company is pleased to announce that it intends to change the name of the Company to \"Sylla Gold Corp.\", or such name as the directors of the Company may determine and as may be acceptable to the Director appointed under the Canada Business Corporations Act (the \"Name Change\") and complete a consolidation of the outstanding Common Shares in the capital of the Company on the basis of one (1) post-consolidation Common Share for every five (5) pre-consolidation Common Shares (the \"Consolidation\"). In addition, after the completion of the Name Change and the Consolidation, the Company intends to complete a non-brokered private placement of up to 50,000,000 units (\"Units\") at a price of $0.02 per Unit for gross proceeds of up to $1,000,000 (the \"Offering\"). Post-Consolidation, each Unit of the Company will be at a deemed price of $0.10 per Unit. Each whole Unit will be comprised of one Common Share and one-half of one Common Share purchase warrant of the Company (each whole warrant, a \"Warrant\"). Each Warrant shall entitle the holder thereof to purchase one post-Consolidation Common Share for a period of twelve (12) months after the closing date of the Offering at an exercise price of $0.15 per post-Consolidation Common Share.The Name Change, Consolidation, Offering and Debt Settlement remain subject to receipt of all necessary corporate and regulatory approvals, including the approval of the NEX, and in the case of the settlement of indebtedness to the Company's Chief Financial Officer and director, subject to receiving disinterested shareholder approval, which t...