Comstock Announces Completion of Debt Settlement

Executive Summary

• Comstock Metals Ltd. settled a $244,055 debt to Lambent Consulting Inc. by transferring 283,784 Trident Resources Corp. common shares valued at $0.86 per share.
• Post‑settlement, the company now holds 541,591 Trident Shares, representing its equity interest in Trident Resources Corp.
• The transaction was approved by disinterested directors and qualified for exemption from a formal valuation and minority shareholder approval under MI 61‑101.

Key Details

• Debt amount settled: $244,055 (principal plus accrued interest).
• Settlement consideration: 283,784 Trident Shares transferred at the closing price of $0.86 per share (total value ≈ $244,055).
• Total Trident Shares held by Comstock after settlement: 541,591 shares.
• Transaction classified as a Related Party Transfer under Multilateral Instrument 61‑101; both the company and CEO Steven Goldman are at arm’s length to Trident Resources Corp.
• Exemptions applied: no formal valuation (Section 5.5(b) MI 61‑101) and no minority shareholder approval (Section 5.7(1)(e) MI 61‑101).
• Approval obtained from the disinterested directors of Comstock Metals Ltd.
• No material change report filed 21 days prior to closing, as the company sought an expedited settlement.

Notable Quotes

(No direct quotes were provided in the release.)