Stroud Resources Announces Shares for Debt Transaction
TORONTO, ONTARIO--(Marketwired - Dec 1, 2017) - ("Stroud" or the "Corporation") (TSX VENTURE:SDR) is pleased to announce proposed shares-for-debt settlement transactions (the "Debt Settlement") in which Stroud would issue up to 4,125,000 common shares at a price of $0.05 per share to certain directors and officers of the Corporation (the "Insiders") in connection with the settlement an aggregate of up to $206,250 of debt relating to unpaid director fees.
The Debt Settlement is considered 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 Common Shares to be issued to the Insider, nor the fair market value of the services provided by them, exceeds 25% of the Corporation's market capitalization. The Debt Settlement is subject to the approval of the TSX Venture Exchange as well as a vote of disinterested shareholders at the next annual general and special meeting of the Corporation.
About Stroud Resources Ltd.
Stroud Resources is a TSX-V listed company focused on the exploration and development of its Santo Domingo epithermal silver-gold project in central Mexico.
For more information please visit www.stroudsilver.com.
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.