Troy Minerals to issue 2.78M shares for debt of $348k

Mr. Rana Vig reports TROY MINERALS ANNOUNCES DEBT SETTLEMENT Troy Minerals Inc. intends to settle outstanding indebtedness in the amount of $348,000 owed to certain creditors in exchange for the issuance of a total of 2,784,000 common shares of the company at a deemed price of 12.5 cents per share. The company intends to complete the debt settlement to preserve the company's cash for working capital and improve its financial position by reducing its existing liabilities. The debt settlement is expected to close shortly, subject to customary closing conditions, including, but not limited to, finalizing all contractual documentation and receipt of all applicable regulatory approvals, as applicable, including compliance with the policies of the Canadian Securities Exchange. All securities issued under the debt settlement will be subject to a four-month hold period in accordance with Canadian securities law. We seek Safe Harbor.