Gold'n Futures Mineral Corporation - Announces Debt Settlement
Vancouver, Dec. 5, 2023 - Gold'n Futures Mineral Corp. (CSE:FUTR) (FSE:G6M), (OTC:GFTRF) (the "Company" or "Gold'n Futures") announced that it has entered into debt settlement agreements (the "Settlement Agreements") to settle outstanding cash payments owed to two creditors (the "Creditors") totaling $76,000 for legal, accounting and corporate administration fees. Pursuant to the Settlement Agreements, the Company has agreed to issue an aggregate of 7,600,000 common shares ("Shares") at a deemed price of $0.01 per Share, based on a 20-day VWAP. The Company anticipates closing the Settlement Agreements on or about December 11, 2023. The board of directors of the Company has determined that it is in the best interests of the Company to settle the outstanding debts by the issuance of the Shares in order to preserve the Company's cash for working capital.
The Company will be relying on the "Employee, Executive Officer, Director and Consultant" exemption contained in section 2.24 (the "Exemption") of NI 45-106 Prospectus Exemptions, to issue the Shares to the Creditors. Securities issued under the Exemption are subject to a seasoning period, however they are not subject to a 4 month and 1 day resale restriction.
One Settlement Agreement in the amount of $46,000 is with Fish Purdy LLP., a company partially controlled by Matthew Fish, a director of the Company, and accordingly this is a "related party transaction" as such term is defined by Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company will rely on the exemption from formal valuation and minority shareholder approval requirements set out in MI 61-101 as the fair market value of the transaction does not exceed 25% of the market capitalization of the Company, as determined in accordance with MI 61-101.
About Gold'n Futures Mineral Corp.
Gold'n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M) (OTC: GFTRF) is a mineral exploration company with two advanced Canadian gold projects. The Hercules Gold Project is 195 km northeast of Thunder Bay, Ontario in the Beardmore - Geraldton gold mining camp. It is 54 km north west of Equinox Gold's Greenstone gold mine that reportedly boasts 5.5 million ounces of Proven and Probable Reserves (https://www.equinoxgold.com/growth-projects/greenstone-project/). The Hercules Property consists of 425 contiguous claims (11,370 ha). From the historical and its current work, the Company has built a comprehensive database and model and is preparing a new Mineral Resource Estimate based upon current and historical drilling totalling the order of 537 holes comprising 114,000 m of core.
The Brady-Huxter Gold Project is in Central Newfoundland, 50 km southeast of the town of Gander. The Brady-Huxter property consists of nine mineral licenses, which cover 2,350 ha and contains two large porphyry-hosted gold deposits, the Reid and Mosquito Hill. These deposits have a combined drill-defined historical resource estimate of 59.5 million tonnes containing 938,753 oz of indicated and inferred gold mineralization (see Gold'n Futures news of October 16, 2023).
Gold'n Futures is conducting programs to expand its gold resources and to develop viable gold mining operations through the application of extensive geological experience and knowledge combined with advanced technologies and computer modeling.
For more information, please visit our website at: www.goldnfuturesmineralcorp.com
On behalf of the Board of Directors
For further information
Stephen Wilkinson,
President and CEO,
Email: stephen@goldnfutures.com
Ph: +1.236.886.8808
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
This news release contains forward-looking statements that constitute forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements in this news release that are not purely historical statements of fact are forward-looking statements, including statements regarding the successful issuance of the common shares and the extinguishment of the debt. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "aim", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.
Forward-looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements, and includes those risks described in the Company's Listing Statement dated August 19, 2020 and the Company's management's discussion & analysis for the fiscal year ending December 31, 2022, copies of which are available under the Company's profile at www.sedarplus.ca. Forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release except as otherwise required by law.