Kermode Resources to issue 3.5 million shares for debt

Executive Summary

• Kermode Resources Ltd. will issue 3,505,750 common shares at C$0.01 per share as full and final payment of $35,057.50 in unpaid invoices to arm’s‑length creditors.
• The issuance is subject to TSX Venture Exchange approval and a statutory hold period of four months and one day.
• This transaction eliminates the outstanding debt, improving the company’s balance sheet with minimal dilution.

Key Details

• Shares Issued: 3,505,750 common shares.
• Issue Price: C$0.01 per share.
• Total Debt Settled: $35,057.50 (aggregate amount of unpaid invoices).
• Consideration: Shares issued constitute full and final payment to creditors.
• Regulatory Condition: Subject to approval by the TSX Venture Exchange.
• Statutory Hold Period: Shares will be subject to a hold period expiring four months and one day after issuance.
• Purpose: Settlement of outstanding debt; no cash outlay required.

Notable Quotes

(No quotes provided in the release.)