Millstream Mines Limited Corporate Update
13.04.2015 | Accesswire
TORONTO, ON / ACCESSWIRE / April 13, 2015 / Millstream Mines Ltd. (the "Company" or "MLM") (TSX-VENTURE:MLM & NJD Frankfurt) announces that the Company has entered into a settlement agreement with various non-arms length creditors of the company (please review PR dated Dec. 8, 2014 for background). Pursuant to this Shares for Debt Settlement Agreement, which has been duly authorized by the Company's Board of Directors, MLM would issue common shares of the company at a deemed price of $0.05 per common share in full and final settlement of the $1,274,764 in demand loans owing to such creditors (the "Shares for Debt Settlement"). Hence, it is contemplated that 25,495,280 common shares of the Company will be issued as a result of the Shares for Debt Settlement. After this proposed issuance, MLM will have a total of 41,763,620 shares outstanding. Of note, the debt is being sold at face value and there will be no change of control in the Company. For documentation of the outstanding debt please see MLM Audited Annual Financials on SEDAR.All securities issuances contemplated herein shall be subject to any statutory or regulatory requirements with respect to hold period and compliance with all rules and policies of the TSX Venture Exchange (the "Exchange"). The issuance of the common shares is subject to final approval by the Exchange.
About Millstream Mines Ltd.:
Millstream Mines Ltd. is a Canadian-based mineral exploration company whose principle objective is to enhance and develop known mineral properties to production potential. The Company has projects in the Province of Ontario, Canada and in the State of Montana, USA. The past producing Potter Mine Property is host to a presently known quantity of eleven (11) copper-zinc-cobalt-gold-silver "stacked" mineralized zones located in the highly prolific Abitibi Greenstone Belt and more specifically in the Kidd-Munro Assemblage near the town of Matheson in north eastern Ontario. A published initial NI 43-101 compliant resource estimate on the Potter, utilizing only seven (7) of the eleven total known mineralized zones, revealed an indicated resource of 3,028,767 tonnes at 1.45% copper, 1.19% zinc, 389.7 ppm cobalt, 11.1 ppm silver, and 127.5 ppb gold along with an inferred resource of 2,071,101 tonnes at 1.08 % copper, 1.05 % zinc, 301.4 ppm cobalt, 8.7 ppm silver, and 81.7 ppb gold. The Tamarack Gold Property, a high grade former gold producer in the Tobacco Root Mountains of south western Montana, is in an advanced stage of underground exploration and development operating under the Small Mines Exclusion Act of the State of Montana.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Millstream seeks safe harbor with regard to forward looking statements.
Contact:
Millstream Mines Ltd.
Mr. Ernest Harrison, EM, Chairman and CEO
Phone: 705-474-7282
Mr. Robert Chase, CFA, President and CFO
Phone: 647-350-8400
Email: info@millstreammines.com
Web: www.millstreammines.com