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Company Settles Debt Through Share Issuance

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Debt Settlement,Share Issuance,Company

A Company announces the debt settlement of approximately $271,724.00 through the issuance of common shares to certain creditors, including a private company beneficially owned by a director.

The Company announced that its board of directors approved the consolidation and settlement of approximately $271,724.00 of debt held by the Company and its wholly-owned Ghanaian subsidiary Castle Sika Mining Limited through the issuance of common shares of the Company. Pursuant to the Debt Settlement, the Company will issue up to 2,264,367 common shares to certain creditors being Candel & Partners SAS, a private company beneficially owned by Allan Green, a director of the Company.

The Debt Settlement will not result in the creation of a new control person of the Company, as it has been adopted by the TSX Venture Exchange as Policy 5.9. The Company has determined that it is exempt from the minority approval and formal valuation requirements under MI 61-101 in respect of the Debt Settlement, relying on the exemptions found in sections 5.5(a) and (b) and 5.7(1)(a) of MI 61-101. All the disinterested directors of the Company, being all of the directors other than Mr. Green, approved the Debt Settlement. The common shares issued in connection to the Debt Settlement will be subject to a hold period in accordance with applicable Canadian securities laws

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