Colibri Resource Corp. Settles $10,000 Debt
Dieppe, October 10, 2017 - Colibri Resource Corp. (TSXV: CBI) ("Colibri" or the "Company') announces that, subject to regulatory consent, it has agreed to issue 66,666 common shares at a deemed price of $0.15 per common share to settle an outstanding indebtedness of $10,000 due to Ed Stringer, a director of the Company, in connection with services rendered as an officer of the Company during the period January 2017 to June 2017. Due to its size, the transaction is exempt from the formal valuation and minority approval requirements of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions.
The common shares issuable pursuant to this transaction will be subject to resale restrictions for a period of four months and one day from the closing date under applicable securities legislation.
About Colibri Resource Corporation:
Colibri is a Canadian mineral exploration company listed on the TSX-V (CBI) focused on acquiring and exploring properties in Mexico.
For Further Information Please Contact:
Ron Goguen, President, CEO and Director
Tel: (506) 383-4274
rongoguen@colibriresource.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements concerning future operations of Colibri Resource Corp. (the "Company"). All forward looking statements concerning the company's future plans and operations, including management's assessment of the Company's project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance, exploration and financial results may differ materially from any estimates and projections.