Millennium Silver Corp. Announces Shares for Debt Transaction

Executive Summary

• Millennium Silver Corp. will settle $337,622 of outstanding debt by issuing 22,508,132 common shares at a deemed price of $0.015 per share to the creditors.
• The indebtedness includes amounts owed to directors, former officers, the CFO’s partner firm, and a family trust linked to the former CEO.
• All issued shares will be subject to a four‑month hold period; the transaction is being relied upon under MI 61‑101 exemptions because the consideration represents less than 25% of market capitalization.

Key Details

• Debt Amount: $337,622 total owed to various creditors.
• Share Issuance: 22,508,132 common shares at a deemed price of $0.015 per share.
• Creditor Breakdown:
• $190,375 – directors, former directors, and officers.
• $122,247 – firm where the CFO is a partner.
• $25,000 – family trust related to former CEO.
• Purpose: Preserve cash for working capital by settling debt with equity rather than cash.
• Hold Period: Shares subject to a four‑month hold period (expires four months and one day after issuance).
• Regulatory Approval: Transaction pending Exchange approval; relies on MI 61‑101 exemptions for valuation and minority approval because the fair market value of securities issued does not exceed 25% of market cap.
• Board Oversight: Independent directors reviewed and approved the transaction as reasonable.

Notable Quotes

“The Company determined to satisfy the indebtedness with common shares in order to preserve its cash for working capital.” – Robert Drago, President & CEO

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