Golden Sky issues 2M shares in debenture conversion

Executive Summary

• Golden Sky Minerals Corp. announces the conversion of a convertible debenture held by Evanachan Ltd. (controlled by Rob McEwen) into common shares.
• The conversion involves a principal amount of $220,000 at a price of $0.11 per share, resulting in the issuance of 2,000,000 new common shares.
• Following this transaction, Rob McEwen beneficially owns approximately 9.0% of Golden Sky's issued and outstanding common shares on a non-diluted basis.

Key Details

• Issuer: Golden Sky Minerals Corp.
• Debenture Holder: Evanachan Ltd. (beneficially owned and controlled by Rob McEwen).
• Conversion Amount: Principal amount of $220,000.
• Conversion Price: $0.11 per share.
• Shares Issued: 2,000,000 common shares.
• Post-Conversion Ownership: Mr. McEwen holds approximately 9.0% of issued and outstanding common shares on a non-diluted basis.
• Strategic Context: The conversion is cited as a vote of confidence in the company's team, strategy, and the Rayfield-Gjoll copper-gold project.
• Project Update: The company remains focused on advancing the Rayfield project through an earn-in agreement with Boliden.

Notable Quotes

• "Rob's decision to convert the debenture into common shares is a significant vote of confidence in our team, our strategy and the quality of our assets, particularly the Rayfield-Gjoll copper-gold project," said John Newell, president and chief executive officer. "We deeply appreciate his strong support and commitment to becoming a long-term shareholder. We remain focused on advancing our Rayfield project through our earn-in agreement with Boliden and look forward to keeping all shareholders updated on our progress."