Sylla Gold Corp. Reminds Shareholders of Upcoming Meeting

About this update from Sylla Gold Corp

[{"type":"text","content":"Sylla Gold Corp. Reminds Shareholders of Upcoming MeetingBedford, Nova Scotia--(Newsfile Corp. - May 28, 2021) - Sylla Gold Inc. (TSXV: SYG.H) (the \"Company\") would like to remind shareholders of the upcoming special meeting of the shareholders of the Company to be held on Friday, June 4, 2021, at 3:00 in the afternoon at 802-155- Bedford Highway, Nova Scotia. The meeting is being held to approve the settlement of an aggregate of $491,057.90 of indebtedness owing to arm's length and non-arm's length creditors through the issuance of an aggregate of 1,964,232 common shares (each, a \"Common Share\") in the capital of the Company and approving Greg Isenor, the Chief Financial Officer and a director of the Company, as a control person of the Company. The Company has been inactive for several years and management determined to reduce the Company's indebtedness to clean up the Company's balance sheet with the intention to identify transactions to enhance shareholder value. The Company has not established a definitive timeline with respect to identifying and completing a transaction, however, reducing the Company's indebtedness is the initial step in this process.Of the $491,057.90 of indebtedness being settled, $205,000 is owed to Gregory Isenor, a non-arm's length creditor of the Company. This amount represents management fees owing to Mr. Isenor and various advances made by Mr. Isenor to the Company which were accrued but could not be paid due to the Company's lack of financial resources. Mr. Isenor will receive 820,000 Common Shares for these accrued management fees and loans at a deemed price of $0.25 per Common Shares. The market price of the Common Shares on February 4, 2021, being the date the debt settlement was agreed to, was $0.03, and the Common Shares were consolidated on April 23, 2021, resulting in an effective market price of $0.15. This results in Mr. Isenor receiving Common Shares having a value of $123,000, and effectively foregoing $82,000 of value in connection with his portion of the debt settlement. The NEX board of the TSX Venture Exchange has conditionally approved the settlement of debt, subject to receipt of disinterested shareholder approval at the upcoming special meeting of shareholders to be held on June 4, 2021. In connection with the Debt Settlement, a written resolution of the board of directors was...

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