MacDonald Mines Announces Shares for Debt Transaction

Provided By Globe Newswire

Last update: Apr 14, 2023

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES

TORONTO, April 13, 2023 (GLOBE NEWSWIRE) -- MacDonald Mines Exploration Ltd. (the “Company”) (TSX-V: BMK) has agreed to settle outstanding amounts owing to a departed executed through the issuance of Class A common shares of the Company (the “Common Shares”) in accordance with applicable shares-for-debt policies of the TSX Venture Exchange (the “TSXV”). The Company and the former executive have entered into a debt settlement agreement which provided that the aggregate amount of the debt owed to such executive is $12,500 and will be settled by the issuance of 178,572 Common Shares at a deemed price of $0.07 per Common Share (the “Shares for Debt Transaction”). The issuance of the Common Shares is subject to the receipt of all applicable regulatory approvals, including the TSXV. The Common Shares to be issued pursuant to the Shares for Debt Transaction will be subject to a four-month hold period.