Stuhini announces debt settlement
VANCOUVER, BC, September 20, 2021 / CNW / – Stuhini Exploration Ltd. (the “Society” Where Stuhini“) (TSXV: STU) is pleased to announce that it has agreed to issue 48,936 common shares of the Company (the”Debt share“) on an” equity for debt “basis in settlement of a debt of $ 23,000 thanks to its Vice-President Exploration, Ehsan Salmabadi (the “Debt“). Debt shares are issued at a deemed price of $ 0.47 per share, in accordance with the policies of the TSX Venture Exchange (the “TSX-V“).
The issuance of the Debt Shares to Mr. Salmabadi constitutes a “related party transaction” within the meaning of Policy 5.9 of the TSX Venture Exchange (the “Politics“) and Multilateral Instrument 61-101 – Protection of Holders of Minority Securities in Special Transactions (“MI 61-101“) adopted in the policy. The Company intends to avail itself of the exemptions from the formal assessment and minority shareholder approval requirements of NI 61-101 contained in Sections 5.5 (a) and 5.7 (1) ( a) of NI 61-101 as neither the fair market value (as determined under NI 61-101) of the shares of the debt, nor the debt, exceeds 25% of the market capitalization of the Company (as determined under NI 61-101).
The issuance of the Debt Shares is subject to the approval of the TSX-V. Any Debt Share issued will be subject to a four-month holding period which will expire on the date that is four months and one day from the date of issue.
About Stuhini Exploration Ltd.
Stuhini is a mineral exploration company focused on the exploration and development of precious and base metal properties in the western Canada. The Company’s exploration property portfolio includes its flagship Ruby Creek property located approximately 20 kilometers (“km“) to the east of Atlin, BC; the Que property located approximately 70 km north of Johnson’s Crossing in the Yukon; the South Thompson project located approximately 35 km northwest of Grand Rapids, Manitoba; and the Big Ledge property located approximately 57 km south of Revelstoke, BC.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Stuhini Exploration Ltd.
For further information: David O’Brien, President and CEO, Phone: (604) 835-4019, Email: [email protected]