Sylla Gold Announces Debt Settlement

Executive Summary

• Sylla Gold Corp. will settle $374,850 of indebtedness by issuing 6,243,000 common shares at $0.06 per share.
• The transaction is a related‑party financing involving insiders receiving 3,457,000 of the issued shares and is subject to a four‑month hold period and TSX Venture Exchange approval.
• Board approval was obtained from all independent directors; no special committee was formed.

Key Details

• Debt Settlement Amount: $374,850 of outstanding indebtedness.
• Shares Issued: 6,243,000 common shares at a price of $0.06 per share (gross proceeds of approximately $374,580).
• Hold Period: Shares issued are subject to a four‑month hold period.
• Related Party Component: Insiders will receive 3,457,000 of the issued shares; transaction qualifies as a “related party transaction” under MI 61‑101.
• Regulatory Exemptions: Company relies on exemptions in sections 5.5(g) and 5.7(1)(e) of MI 61‑101 due to financial difficulty and intended improvement of the company’s financial position.
• Board Approval: Approved by all independent directors (all except Regan Isenor and Greg Isenor). No special committee was created; no director abstained or expressed a contrary view.
• Closing Conditions: Completion remains subject to final acceptance by the TSX Venture Exchange.

Notable Quotes

Regan Isenor, President and CEO: “The Debt Settlement is designed to improve the financial position of Sylla Gold Corp., providing us with the necessary liquidity to continue our operations.”