Cullinan Metals to settle $175,000 debt with shares

Executive Summary

• Cullinan Metals Corp. entered into debt settlement agreements to issue up‑to 875,000 common shares at a deemed price of $0.20 per share, satisfying up‑to $175,000 of outstanding debt.
• The transaction relies on exemptions under Multilateral Instrument 61‑101 and will be subject to CSE approval and a statutory hold period of four months plus one day.
• Proceeds are intended to improve working capital and support the company’s pursuit of acquisition opportunities in energy metals.

Key Details

• Shares to be issued: Up to 875,000 common shares.
• Deemed price per share: $0.20 CAD.
• Maximum debt satisfied: $175,000 (bona‑fide debt to certain creditors).
• Regulatory basis: Exemptions under MI 61‑101 Subsection 5.5(a) and Subsection 5.7(1)(b); shares listed on the Canadian Securities Exchange (CSE).
• Approval requirements: Issuance subject to CSE approval; statutory hold period of four months plus one day from issuance date per Canadian securities law.
• Purpose of settlement: Strengthen working capital position and enable pursuit of acquisition transactions in copper, graphite, lithium, and other energy‑metal projects.

Notable Quotes

(No direct quotes provided in the release.)