Giga Metals Announces Proposed Debt Settlement

Rhea-AI Summary

Giga Metals (OTCQB: GIGGF) has announced a proposed debt settlement plan through share issuance. The company intends to settle approximately $63,250 in debt by issuing common shares at a deemed price of $0.10 per share.

Of the total debt, $25,000 is owed to a former officer for management services, while the remaining amount is payable to arm's length parties. The completion of this debt settlement is pending both the finalization of definitive documentation and TSX Venture Exchange approval.

Positive

• Debt reduction of $63,250 without cash expenditure
• Settlement at $0.10 per share provides clarity on valuation

Negative

• Potential dilution for existing shareholders
• Significant portion of debt ($25,000) related to former officer compensation

VANCOUVER, British Columbia, July 02, 2025 (GLOBE NEWSWIRE) -- Giga Metals Corporation (TSX.V: GIGA, OTCQB: GIGGF) (the "Company") announces that it's proposing to settle an aggregate of approximately $63,250 in debt through the issuance of common shares to be issued at a deemed price of $0.10 per common share. Of the liabilities proposed to be settled in shares, $25,000 is payable to a former officer for management services rendered. The balance is payable to arm’s length parties. Completion of the debt settlement remains subject to the finalization of definitive documentation and the approval of the TSX Venture Exchange.

About Giga Metals Corporation

Giga Metals Corporation’s core asset is the Turnagain Project, located in northern British Columbia, which contains one of the few significant undeveloped sulphide nickel and cobalt resources in the world. Turnagain is held in Hard Creek Nickel, a subsidiary owned jointly by Giga Metals Corporation and Mitsubishi Corporation. The Pre-Feasibility Study was released in October 2023.

Forward-looking Statements

Certain statements in this news release are forward-looking statements, which reflect the expectations of the Company. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements include, but are not limited to, the Company's the settlement of the debt through the issuance of shares and the TSX Venture Exchange's approval of such debt settlement. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements. These forward-looking statements are made as of the date of this news release and, except as required by applicable securities laws, the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements.

On behalf of the Board of Directors of Giga Metals Corporation

“Mark Jarvis”

MARK JARVIS,
President

Contact Information
Office Phone: +1 (604) 681-2300
Investor Inquiries: info@gigametals.com
Company Website: www.gigametals.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

#604-700 West Pender Street, Vancouver, BC V6C 1G8
www.gigametals.com
Tel: 604 681 2300

FAQ

What is the total debt amount GIGGF is settling through share issuance?

Giga Metals is settling approximately $63,250 in total debt through the issuance of common shares.

What is the price per share for GIGGF's debt settlement?

The common shares will be issued at a deemed price of $0.10 per share.

How much of GIGGF's debt settlement is related to former management?

$25,000 of the total debt is payable to a former officer for management services rendered.

What approvals are needed for GIGGF's debt settlement?

The debt settlement requires finalization of definitive documentation and approval from the TSX Venture Exchange.