Sylla Gold Announces Closing of Debt Settlement

Executive Summary

• Sylla Gold Corp. settled $374,580 of indebtedness by issuing 6,243,000 common shares at $0.06 per share.
• The transaction is a related‑party deal; insiders receive 3,457,000 of the issued shares.
• Shares are subject to a four‑month hold period plus one day and the settlement is intended to improve the Company’s financial position.

Key Details

• Total indebtedness settled: $374,580.
• Number of common shares issued: 6,243,000 at $0.06 per share (aggregate consideration of $374,580).
• Hold period on all securities: four months plus one day from issuance date.
• Insider allocation: 3,457,000 shares to certain insiders (related‑party transaction under MI 61-101).
• The Company relied on exemptions in sections 5.5(g) and 5.7(1)(e) of MI 61‑101 due to financial difficulty and the aim to improve its financial position.
• No material change report was filed 21 days prior to closing; the Company deemed this reasonable.
• Board approval: All independent directors (all except Messrs. Regan Isenor and Greg Isenor) approved the settlement; no special committee was formed and no director abstained or expressed a contrary view.

Notable Quotes

“The transaction is designed to improve the financial position of the Company,” – Regan Isenor, President and CEO.