SolidusGold Inc. Announces Shares for Debt Issuance
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 28, 2015) - SolidusGold Inc. ("Solidus" or the "Company") (TSX VENTURE:SDC) is pleased to announce that the board of the Company has approved the issuance of 75,000 shares at a price of $0.14 per share in satisfaction of $10,500 in salary owing to Mr. Steven Khan for his prior role as Interim Chief Executive Officer of the Company (the "Debt Settlement"). The Debt Settlement is subject to approval of the TSX Venture Exchange.
The Debt Settlement is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The Debt Settlement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the shares to be issued to, nor the fair market value of the services provided by, Mr. Khan exceeds 25% of the Company's market capitalization.
For more information please email info@solidusau.com.
This news release includes certain forward-looking information or forward-looking statements (collectively, "Forward-Looking Information"). Forward-Looking Information includes, but is not limited to, statements concerning the Debt Settlement and the related issuance of shares. Forward-Looking Information addresses future events and conditions and, as such, involves known and unknown risks, uncertainties and other factors, which may cause actual results to differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, among others, regulatory approvals and availability of capital. In making the Forward-Looking Information, the Company has applied several material assumptions, including, but not limited to, the assumption that the Company will obtain regulatory approval. Although the Company has attempted to identify important factors that could affect the Company and may cause actual events to differ materially from those described herein, there may be other factors that cause events not to be as anticipated or intended. There can be no assurance that the Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. The Company expressly disclaims any intention or obligation to update or revise any Forward-Looking Information whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
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.