Clear Gold enters debt settlement deals for $465,822

Executive Summary

• Clear Gold Resources Inc. has entered into debt settlement agreements with three service providers to settle an aggregate of $465,822.65 in debt.
• The settlement is executed through the issuance of 7,307,022 common shares at a deemed price of 6.375 cents per share.
• The transaction includes significant related-party components involving the CEO and CFO, constituting special transactions under Multilateral Instrument 61-101.

Key Details

• Total Debt Settled: $465,822.65.
• Shares Issued: 7,307,022 common shares.
• Deemed Price: 6.375 cents per share.
• CEO Related-Party Settlement:
  • Total amount settled: $136,876.41.
  • Management fees owed: $89,999.96.
  • Loans provided to the company: $46,876.45.
• CFO Related-Party Settlement:
  • Amount settled: $175,000.
  • Nature: Management fees for CFO services from October 2019 to July 2025.
  • Counterparty: A corporate entity providing such services.
• Regulatory Framework:
  • Transactions constitute related party transactions under Multilateral Instrument 61-101 (MI 61-101).
  • Company intends to rely on exemptions from valuation and minority approval requirements under subsections 5.5(a) and 5.7(a) of MI 61-101.
  • Exemption justification: Fair market value of consideration paid to interested parties will not exceed 25% of the company's market capitalization.
• Approvals: Participation by the CEO and the CFO service entity has been approved by the company's directors.
• Conditions Precedent: Completion is subject to approval by the TSX Venture Exchange.
• Hold Period: All securities issued will be subject to a hold period of four months and one day upon closing.

Notable Quotes

• None provided in the text.