El Tigre Silver Corp. Announces Shares for Debt Transaction
26.06.2015 | Marketwire
VANCOUVER, BRITISH COLUMBIA -- (Marketwired - Jun 26, 2015) - El Tigre Silver Corp. ("El Tigre" or the "Company") (TSX VENTURE:ELS) (FRANKFURT:5RT) (OTCQX:EGRTF) wishes to announce that it has entered into debt settlement agreements (together, the "Agreements") with creditors of the Company pursuant to which the Company has agreed to issue an aggregate of 12,494,118 common shares ("Shares") at a deemed price of $0.085 per Share.The total amount of indebtedness settled by the Agreements is $1,062,000, of which $155,000 is payable to Wade Anderson, $645,000 is payable to Ron Hodgson, $100,000 is payable to Carl Rosenau and $162,000 is payable to Ernie Elko for loans made to the Company since November, 2014. The Company decided to satisfy this outstanding indebtedness with Shares in order to preserve its cash for operations. Messrs. Anderson, Hodgson and Rosenau are directors of the Company, and Mr. Elko is a director and the Chief Executive Officer and Chairman of the Company.
The Agreements are subject to the approval of the TSX Venture Exchange (the "Exchange"). The Company will issue the Shares once the debt settlement transactions contemplated by the Agreements have been approved by the Exchange.
About El Tigre
The Company, through its subsidiaries, holds the rights to 100% of nine mineral concessions, eight comprising of 215 square kilometres located in north-eastern Sonora, Mexico (the "El Tigre Property"), and approximately 90 kilometres south of the US-Mexico border. El Tigre also holds one additional 32 hectare claim separate from the El Tigre Property. A NI 43-101Technical Report Preliminary Feasibility Study has been prepared for the El Tigre Silver Property and can be found on the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.eltigresilvercorp.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Ernie Elko,
Director, Chief Executive Officer and Chairman
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include information regarding the issuance of the Shares to settle the Company's outstanding debt and the approval of the Agreements by the Exchange. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in the Company's public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release. 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 press release.
Contact
El Tigre Silver Corp.
Rob Grace, Corporate Communications
Telephone: (604) 639-0044
rgrace@eltigresilvercorp.com