Mines D'or to issue 150,000 shares for debt of $76,325

Executive Summary

• Mines D’Or Orbec Inc. agreed to settle a $76,325 severance debt by issuing 150,000 common shares at a deemed price of C$0.509 per share.
• The settlement preserves cash for ongoing operations and is subject to TSX Venture Exchange approval.
• No cash outlay required; the transaction impacts the company’s equity base.

Key Details

• Debt Amount: $76,325 owed for severance payments to a former executive.
• Settlement Structure: Issuance of 150,000 common shares at C$0.509 per share (deemed price).
• Total Share Consideration: Approximately C$76,350 in equity issued to settle the debt.
• Rationale: Board determined that issuing shares is in the best interest of the company to conserve cash for continued operations.
• Closing Conditions: Transaction closing subject to customary conditions, including approval by the TSX Venture Exchange.
• Impact on Capital Structure: Increases outstanding common share count by 150,000; no immediate cash impact but dilutes existing shareholders.

Notable Quotes

(No direct quotes provided in the release.)