Grit Metals Corp. Announces Debt Settlement

Executive Summary

• Grit Metals entered into a debt settlement agreement with Vector Geological Solutions Inc. to extinguish $75,000 of outstanding consulting debt.
• The company will issue 625,000 common shares at a deemed price of $0.12 per share as full satisfaction of the debt.
• The transaction is expected to preserve cash for working‑capital needs and improve the balance sheet, subject to TSX Venture Exchange approval; issued shares carry a four‑month‑plus hold period.

Key Details

• Debt Settlement Amount: $75,000 owed for geological consulting services.
• Equity Issuance: 625,000 common shares at a deemed price of $0.12 per share (total nominal value $75,000).
• Purpose: Full satisfaction of the outstanding debt; preserve cash for working capital and strengthen balance sheet.
• Approval Required: Transaction remains subject to TSX Venture Exchange approval.
• Share Hold Period: All issued shares will be subject to a hold period of four months and one day from issuance.
• Counterparty: Vector Geological Solutions Inc., an arm’s‑length party providing geological consulting services.

Notable Quotes

(No direct quotes were provided in the release.)