Meryllion Resources Closes Shares-for-Debt Settlement
Meryllion Resources (CSE: MYR) has completed a shares-for-debt transaction with Croesus Mining Pty Ltd, a company controlled by director David Steinepreis, to settle a $50,000 loan. The company issued 2.5 million common shares at $0.02 per share, subject to a four-month hold period. Following the transaction, Steinepreis's ownership in Meryllion increased from 23.20% to 25.74%, and could reach 27.98% if all his warrants are exercised. The transaction qualified as a "related party transaction" under MI 61-101, with the company utilizing exemptions from valuation and minority shareholder approval requirements.
Meryllion Resources (CSE: MYR) ha concluso una transazione di azioni in cambio di debito con Croesus Mining Pty Ltd, una società controllata dal direttore David Steinepreis, per saldare un prestito di 50.000 dollari. La società ha emesso 2,5 milioni di azioni ordinarie al prezzo di 0,02 dollari per azione, soggette a un periodo di blocco di quattro mesi. Dopo la transazione, la quota di proprietà di Steinepreis in Meryllion è aumentata dal 23,20% al 25,74%, e potrebbe arrivare al 27,98% se esercitasse tutti i suoi warrant. L’operazione è stata qualificata come una “transazione con parti correlate” secondo MI 61-101, con la società che ha utilizzato le esenzioni dai requisiti di valutazione e di approvazione da parte degli azionisti di minoranza.
Meryllion Resources (CSE: MYR) ha completado una transacción de acciones por deuda con Croesus Mining Pty Ltd, una empresa controlada por el director David Steinepreis, para saldar un préstamo de 50,000 dólares. La compañía emitió 2.5 millones de acciones comunes a un precio de 0.02 dólares por acción, sujetas a un período de retención de cuatro meses. Tras la transacción, la participación de Steinepreis en Meryllion aumentó del 23.20% al 25.74%, y podría llegar al 27.98% si ejerce todas sus garantías. La transacción fue calificada como una “transacción con partes relacionadas” bajo MI 61-101, y la compañía utilizó exenciones de los requisitos de valoración y aprobación por parte de accionistas minoritarios.
Meryllion Resources (CSE: MYR)는 이사 David Steinepreis가 지배하는 회사인 Croesus Mining Pty Ltd와 부채를 주식으로 전환하는 거래를 완료하여 5만 달러 대출을 상환했습니다. 회사는 주당 0.02달러에 250만 보통주를 발행했으며, 4개월간의 보유 기간이 적용됩니다. 거래 후 Steinepreis의 Meryllion 지분은 23.20%에서 25.74%로 증가했으며, 모든 워런트를 행사할 경우 27.98%까지 상승할 수 있습니다. 이 거래는 MI 61-101에 따른 “관계자 거래”로 분류되었으며, 회사는 평가 및 소수 주주 승인 요건 면제 조항을 활용했습니다.
Meryllion Resources (CSE : MYR) a finalisé une opération d’échange d’actions contre dette avec Croesus Mining Pty Ltd, une société contrôlée par le directeur David Steinepreis, afin de régler un prêt de 50 000 dollars. La société a émis 2,5 millions d’actions ordinaires au prix de 0,02 dollar par action, soumises à une période de blocage de quatre mois. Suite à cette opération, la participation de Steinepreis dans Meryllion est passée de 23,20 % à 25,74 %, pouvant atteindre 27,98 % s’il exerce tous ses bons de souscription. Cette transaction a été qualifiée de « transaction avec une partie liée » selon le MI 61-101, la société ayant utilisé des exemptions concernant l’évaluation et l’approbation par les actionnaires minoritaires.
Meryllion Resources (CSE: MYR) hat eine Aktien-gegen-Schulden-Transaktion mit Croesus Mining Pty Ltd abgeschlossen, einem Unternehmen, das von Direktor David Steinepreis kontrolliert wird, um ein Darlehen in Höhe von 50.000 USD zu begleichen. Das Unternehmen gab 2,5 Millionen Stammaktien zu je 0,02 USD aus, die einer viermonatigen Haltefrist unterliegen. Nach der Transaktion stieg Steinepreis’ Anteil an Meryllion von 23,20 % auf 25,74 % und könnte 27,98 % erreichen, wenn er alle seine Warrants ausübt. Die Transaktion wurde als „Transaktion mit verbundenen Parteien“ gemäß MI 61-101 eingestuft, wobei das Unternehmen Ausnahmen von Bewertungs- und Minderheitsaktionärszustimmungen nutzte.
- Debt reduction of $50,000 through equity issuance
- Increased insider ownership showing management confidence
- Share dilution through issuance of 2.5 million new shares
- Increased control concentration with director ownership reaching 25.74%
Vancouver, British Columbia--(Newsfile Corp. - May 2, 2025) - Meryllion Resources Corporation (CSE: MYR) ("Meryllion" or the "Corporation") is pleased to announce that it has closed its previously announced shares-for-debt transaction with Croesus Mining Pty Ltd (a company controlled by Mr. David Steinepreis, a director of the Company) to settle an outstanding loan of
The issuance of the Shares pursuant to the Transaction constitutes a "related party transaction" as such term is defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Corporation relies on the exemptions from the valuation and minority shareholder approval requirements for related party transactions in connection with the issuance of the Shares that are set out in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the issuance of the Shares, exceeds
Early Warning Disclosure
In connection with the Transaction, David Steinepreis acquired ownership, control or direction over common shares of the Corporation requiring disclosure pursuant to the early warning requirements of applicable securities regulation.
Immediately prior to the Transaction, Mr. Steinepreis had ownership of, or exercised control or direction over, 16,934,599 Shares and 2,341,625 warrants to purchase Shares ("Warrants"). Pursuant to the Transaction, Mr. Steinepreis, indirectly through Croesus Mining Pty Ltd, acquired 2,500,000 Shares and now holds, or exercises control or direction over, 19,434,599 Shares and 2,341,625 Warrants.
Following the Transaction, Mr. Steinepreis' common share ownership (direct and indirect) in the Corporation increased from approximately
All securities of the Corporation held or controlled by Mr. Steinepreis are held for investment purposes. In the future, Mr. Steinepreis, directly or indirectly, may acquire and/or dispose of securities through the market, privately or otherwise, as circumstances or market conditions may warrant.
This portion of this news release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related and Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators, which also requires an early warning report to be filed with the applicable securities regulators containing additional information with respect to the foregoing matters. A copy of the early warning report will be filed by Mr. Steinepreis in accordance with applicable securities laws and will be available on the Corporation's issuer profile on SEDAR at www.sedarplus.ca.
For further information, please contact:
Mr. Richard Revelins
Director and Chief Executive Officer
Meryllion Resources Corporation
+1-310-405-4475
rrevelins@peregrinecorporate.com
Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such.
Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/250652
FAQ
What is the value of Meryllion Resources' (MYRLF) recent shares-for-debt settlement?
How much did David Steinepreis's ownership in Meryllion Resources increase after the debt settlement?
What is the hold period for the newly issued Meryllion Resources shares?
Why did Meryllion Resources (MYRLF) issue shares to settle debt?
