(TheNewswire)
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Kelowna, British Columbia – TheNewswire - October 28, 2026 – Shine Minerals Corp. (TSXV: SMR.H) (“Shine” or the “Company”) is pleased to announce that the Company has entered into agreements with a non-arm’s length private company wholly owned by Mr. Ross McElroy, the President and Chief Executive Officer of the Company, and a non-arm’s length private company wholly owned by Mr. Dev Randhawa, the Executive Chairman of the Company (together, the “Lenders”), pursuant to which the Lenders will provide financing to Shine by way of unsecured promissory notes, each with a principal amount of C$205,000 (the “Loans”). The proceeds of the Loans will be used by the Company to make an option payment in connection with the previously announced proposed transaction (the “Proposed Transaction”) with Red Cloud Silver Ltd. (“RCS”) pursuant to the terms of a definitive option agreement dated December 23, 2025, as amended by an amending agreement dated March 24, 2026. The Proposed Transaction remains subject to the approval of the TSX Venture Exchange (“TSXV”).
The Loans are unsecured and all payments of principal and accrued interest will be deferred and repaid at the discretion of the Company, in whole or in part at any time. The Loans will bear an annual interest rate of 10%, payable at the discretion of the Company.
The issuance of the Loans is a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”), but is exempt from the minority approval and formal valuation requirements of MI 61-101 pursuant to sections 5.5(b) and 5.7(1)(f) of MI 61-101, as the Company is not listed or quoted on any of the markets listed in subsection 5.5(b) of MI 61-101, the Loans represent loans on commercial terms that are not less advantageous to the Company than if the Loans were obtained from a person dealing at arm’s length and the Loans are not convertible or repayable in equity securities.
About Shine Minerals Corp.
Shine Minerals Corp. (TSXV: SMR.H) is a Canadian junior resource company currently listed on the NEX board of the TSX Venture Exchange. The Company is pursuing value-accretive transactions to re- establish itself as an active Tier 2 Mining Issuer in accordance with TSXV Policy 2.6, Section 1.4, with a focus on quality exploration assets and a disciplined approach to capital allocation.
On behalf of Shine Minerals Corp.
Ross McElroy
President and Chief Executive Officer
For further information, please contact:
Shine Minerals Corp.
Ross McElroy
President and Chief Executive Officer
E-mail: info@shine-minerals.ca
Cautionary Statements
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains "forward-looking information or statements" within the meaning of applicable securities laws, which may include, without limitation, statements that address the use of proceeds from the Loans, the repayment of the Loans, the Proposed Transaction, and other statements relating to the technical, financial and business prospects of the Company, and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company's views with respect to future events and is subject to risks, uncertainties and assumptions, including those filed under the Company's profile on SEDAR+ at www.sedarplus.ca. The Company does not undertake to update forward-looking statements or forward-looking information, except as required by law.
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