Peruvian Precious Metals Corp. Announces Completion of Shares for Debt Settlement
26.08.2014 | FSCwire
Vancouver, British Columbia (FSCwire) - Peruvian Precious Metals Corp. (the "Company", “Peruvian”), is pleased to announce that the Company has completed today its previously announced debt settlements with certain creditors, four of whom are directors and/or officers of the Company (the "Creditors"). In consideration for settlement of a total combined debt of $1,245,992.22 owing to the Creditors by the Company, the Company issued to the Creditors 19,169,111 common shares of the Company at a deemed price of $0.065 per share. The shares are subject to a four month hold period.Kimberly Ann Arntson, Peruvian’s Chief Financial Officer and Vice President – Corporate Development, commented: “Closing this share for debt settlement is an important milestone for the Company, as it continues the process of clearing the Company’s balance sheet of debt. As noted in the Company's press release of August 11, 2014, members of the Company’s Board and management were participants in the share for debt settlement, underscoring their confidence in the Company’s future. The Company will continue to advance its Igor project in northern Peru and evaluate potential future development and exploration scenarios including bulk underground sampling. We are currently evaluating and negotiating with potential underground mining contractors for bulk sampling, designing a metallurgical testing program including milling options for bulk samples, planning for future surface exploration, including drilling, and evaluating potential acquisitions that can grow the company in the future."
Cautionary Statement:
Neither the 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.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
On behalf of the Board of Directors
Brian J. Maher
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Peruvian Precious Metals Corp.
Kimberly Ann Arntson, CFO and Vice President - Corporate Development
Phone: 1-530-414-4400
Email: kimberly.ann@peruvianpmc.com
Website: www.peruvianpmc.com