Golden Share Resources Corp.: Announces Share for Debt Transaction
TORONTO, August 24, 2016 / Golden Share Mining Corp. (TSXV: GSH) (the "Company" or "Golden Share"), announces the payment of two of its service providers with the issuance of an aggregate of 28,000 Common Shares (deemed price of C$0.25 per share), representing an aggregate of $7,000.00 (the "Settlement") and previously outstanding as an accounts payable. The Company has also settled accounts payable to certain insiders of the Company (the "Insiders") for an aggregate amount of $22,558.50 (the "Insider Debt Settlement"), in consideration for the issuance of an aggregate of 90,234 Shares (deemed price of C$0.25 per Share). The Company's Board is of the view that this Insider Debt Settlement is an appropriate means of compensation, as well as an effective means of preserving the treasury.
The Insider Debt Settlement is considered a "related party transaction" as defined under Multilateral Instrument 61-101 ("MI 61-101"). The Insider Debt Settlement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as its securities are not listed on any stock exchange identified at section 5.5(b) of MI 61-101 and neither the fair market value of the Common Shares to be issued to the Insiders, nor the fair market value of the services provided by them, exceeds 25% of the Company's market capitalization. The Insider Debt Settlement and Settlement is subject to the approval of the TSX Venture Exchange. The securities issued will be subject to a hold period of four months and a day.
About Golden Share
Golden Share Mining Corp. is a Canadian junior mining company focusing on exploration in the province of Ontario, a politically stable jurisdiction with a long history mineral exploration and development.
FOR MORE INFORMATION, CONSULT http://www.goldenshare.ca OR CONTACT:
Golden Share Mining Corporation
Nick Zeng, President & CEO
Tel: (905) 968-1199
E-mail: info@goldenshare.ca
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.
SOURCE: Golden Share Mining Corp.