Metalite Announces Closing of Debt Settlement

Metalite Resources Inc. (OTC: JNCCF) has successfully completed its previously announced shares-for-debt settlement transaction.

Rhea-AI Summary

Metalite Resources Inc. (OTC: JNCCF) has successfully completed its previously announced shares-for-debt settlement transaction. The company issued 5,749,576 common shares to settle an aggregate debt of $126,490.69 owed to three arm's length consultants. The Settlement Shares were issued at a deemed price of $0.022 per share and are subject to a four-month hold period, expiring on September 21, 2025. The shares were issued under prospectus exemptions according to Canadian securities laws.

Positive

• Debt reduction of $126,490.69 through equity issuance, improving the company's balance sheet
• Settlement with consultants helps preserve cash resources

Negative

• 5,749,576 new shares issuance leads to dilution of existing shareholders
• Low share price of $0.022 indicates potential market concerns

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Toronto, Ontario--(Newsfile Corp. - May 20, 2025) - Metalite Resources Inc. (CSE: METL) (OTC Pink: JNCCF) (FSE: D68) ("Metalite" or the "Company") is pleased to announce that it has completed the previously announced shares for debt transactions to settle an aggregate of $126,490.69 of indebtedness owing to three arm's length consultants.

Pursuant to the shares for debt settlements a total of 5,749,576 common shares in the capital of Metalite ("Settlement Shares") were issued at a deemed price of $0.022 per share.

The Settlement Shares were issued subject to prospectus exemptions available pursuant to Canadian securities laws and subject to a four month hold period expiring on the date that is four months and a day following the issuance, being September 21, 2025.

About Metalite Resources Inc.

Metalite Resources Inc. is a Canadian junior mineral exploration issuer with a precious metals focused project in NSW, Australia.

Contact Information

Metalite Resources Inc.
Chris Hazelton, CEO
(647) 660-8718
info@metaliteresources.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release, and have in no way passed upon the merits of the proposed transactions and has neither approved nor disapproved the contents of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/252839

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the total value of debt settled by Metalite Resources (JNCCF) in May 2025?

Metalite Resources settled a total debt of $126,490.69 through the issuance of shares to three arm's length consultants.

How many shares did Metalite Resources (JNCCF) issue for the debt settlement?

Metalite Resources issued 5,749,576 common shares at a deemed price of $0.022 per share for the debt settlement.

When does the hold period expire for Metalite Resources' (JNCCF) Settlement Shares?

The four-month hold period for the Settlement Shares expires on September 21, 2025.

What was the price per share for Metalite Resources' (JNCCF) debt settlement?

The Settlement Shares were issued at a deemed price of $0.022 per share.