Business
Teako Minerals Announces Shares for Debt Transactions and Completion of Securities Exchange with The Coring Company
Vancouver, British Columbia--(Newsfile Corp. - December 19, 2023) - TEAKO MINERALS CORP. (CSE: TMIN) (the "Company" or "Teako") is pleased to announce that it h
About this update from Teako Minerals Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - December 19, 2023) - TEAKO MINERALS CORP. (CSE: TMIN) (the \"Company\" or \"Teako\") is pleased to announce that it has approved the settlement of $102,750 of indebtedness (the \"Debt Settlement\") through the issuance of an aggregate of 1,141,663 Common Shares (the \"Settlement Shares\"). The indebtedness relates to fees for services performed by certain insiders and external consultants of the Company (\"Creditors\") through to November 30, 2023. The Settlement Shares will be issued at a deemed price of C$0.09 per Settlement Share in alignment with the price per common share (\"Common Share\") issued by the Company pursuant to the Company's recently completed private placement, which closed on August 25, 2023. The Company will enter into shares for debt agreements with each Creditor in connection with the Debt Settlement. The issuance of an aggregate of 455,554 Settlement Shares to certain insiders of the Company constitutes a \"related party transaction\" as such term is defined in Multilateral Instrument 61-101- Protection of Minority Securityholders in Special Transactions (\"MI 61-101\"). Another 397,221 Settlement Shares will be issued to former board members. The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of such Settlement Shares nor the debt exceeds 25% of the Company's market capitalization. The Debt Settlement is subject to Canadian Securities Exchange acceptance. The Settlement Shares will be subject to a four-month and one-day hold period in accordance with applicable securities laws. In addition, the Company is pleased to announce that further to signing the definitive securities exchange agreement with The Coring Company (or \"TCC\") (see news release dated October 2, 2023), the Company issued 2,790,816 Common Shares to TCC on October 12, 2023 in exchange for 4.9% of the issued and outstanding common shares of TCC (the \"TCC Shares\"), equal to 626,521 TCC Shares with a valuation of C$1.6 Million. The issuance of the TCC Shares was formally confirmed following TCC's annual general meeting of shareholders held on December 18, 2023. The Common Shares issued by Teako to TCC are subject to a four-month and one-day hold period. About Teako Minerals Corp. Teako M...