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Financings

Millennium Silver Corp. Announces Shares for Debt Transaction

By The Northwire Desk — AI Analysis Jan 23, 2026 · 18:41 MSC · 0.015 Millennium Silver Corp.
MSC · Price

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

All boilerplate, forward‑looking disclaimer text and contact information have been omitted for brevity.

Read the original news release →

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Financings