Teslin River Resources Corp. Announces Debt Settlement
27.06.2014 | FSCwire
Vancouver, British Columbia (FSCwire) - Teslin River Resources Corp. (TLR:TSX-V) (“Teslin” or the “Company”) reports that, subject to the approval of the TSX Venture Exchange (“TSXV”), it has agreed with Resinco Capital Partners Inc. to settle debts of $537,082 and a prior obligation to issue common shares for $15,000 by issuing Resinco a total of 10,756,643 common shares on a post-Consolidation basis (as defined below) at a deemed price of $0.05 per common share. The common shares issued on the settlement of the debt and obligation to issue shares will be subject to a four-month hold period from the date of issuance.As announced on May 13, 2014, the Company intends to seek shareholder approval at its annual general and special meeting of shareholders, to amend its share structure by consolidating its issued and outstanding common shares on the basis of one post-consolidation share for each four pre-consolidation shares (the “Consolidation”). The board of directors of the Company believes that the Consolidation is necessary due to market conditions that have made it challenging to raise capital under the current share structure and share trading price of the Company. The Consolidation is subject to the approval of the TSXV and the shareholders of the Company.
Further to the Company’s news release of May 13, 2014 the Company advises that its private placement has been reduced, and will be up to $500,000 by the issuance of up to 10,000,000 units at $0.05 per unit; each unit comprising of one post-Consolidation share and one common share purchase warrant (exercisable to acquire one post-Consolidation common share at a price of $0.06 per share for a period of three years from the closing date).
ON BEHALF OF TESLIN RIVER RESOURCES CORP.
"John Icke"
John Icke, Executive Chairman and Interim President and CEO
For further information please visit www.teslin-river.com or contact us at:
Teslin River Resources Corp.
(604) 536-2711
info@teslin-river.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.