Medaro Mining Announces Shares for Debt Settlement
Rhea-AI Summary
Medaro Mining (CSE: MEDA) has announced a debt settlement agreement to clear $87,777.00 of debt by issuing 501,582 common shares at a deemed price of $0.175 per share. The settlement involves no warrants and will not create a new control person, with no insider participation. The shares will be subject to a four-month hold period from issuance, pending Canadian Securities Exchange approval. The company states this decision aims to reduce indebtedness while preserving cash and improving its financial position.
Positive
- Reduces debt liability by $87,777.00 without using cash reserves
- Improves balance sheet structure through equity conversion
Negative
- Share dilution of 501,582 new common shares
- Shares issued at $0.175, potentially below market value
News Market Reaction – MEDAD
On the day this news was published, MEDAD declined 4.00%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Vancouver, British Columbia--(Newsfile Corp. - December 20, 2024) - Medaro Mining Corp. (CSE: MEDA) ("Medaro" or the "Company") announces that it has agreed to settle
The debt settlement will not create a new control person nor are any insiders participating in the settlement. The Company believes it is in the best interests of its shareholders to reduce the amount of indebtedness while preserving cash and improving its financial position.
The debt settlement transaction is subject to the approval of the Canadian Securities Exchange (the "CSE") and pursuant to the policies of the CSE, the Shares are subject to a hold period of four months from the date of issuance.
On Behalf of The Board of Directors,
Michael Mulberry
Chief Executive Officer
About the Company
The Company is an exploration company based in Vancouver, BC. and holds options over the Superb Lake lithium property located in Thunder Bay, Ontario; Darlin, Rapide and the CYR South lithium properties in Quebec; and Yurichson Uranium property in the Athabasca basin Saskatchewan. The Company owns
Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding regulatory approval and the timing thereof are "forward-looking statements." These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Contact Information
info@medaromining.com
604-602-0001
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234821
FAQ
How much debt is Medaro Mining (MEDA) settling through share issuance in December 2024?
What is the price per share for Medaro Mining's December 2024 debt settlement?
How long is the hold period for the newly issued MEDA shares in the debt settlement?
Will Medaro Mining's debt settlement create a new control person?
