Eskay Mining to settle $341,682 in debt
Wednesday September 21, 2016
Mr. Mac Balkam reports:
ESKAY ANNOUNCES DEBT SETTLEMENT
Eskay Mining Corp. has entered into an agreement to settle an aggregate of $341,682.47 of management fees owed to a company controlled by the president and chief executive officer of the company in consideration for the issuance of a maximum of 1,627,059 common shares of the company at a deemed price of 21 cents per share. The disinterested directors of the Company have approved the debt settlement with the insider and his affiliated company. The debt settlement is subject to TSX Venture Exchange approval and approval of the disinterested shareholders voting at the Annual and Special meeting of the shareholders of the Company to be held on Wednesday November 2, 2016. The securities to be issued will be subject to a hold period of four months and a day.
The Company anticipates issuing a press release relating to its summer exploration program announced in the press release issued August 8, 2016 prior to the shareholders meeting and after the management information circular to be prepared in respect of the meeting has been finalized. As a result, the price at which shares will be issued for the debt settlement referred to above will be adjusted upward if the price of the Company's common shares closes at more than $0.28 on the second trading day following the dissemination of the news relating to the summer exploration program. A further press release will be issued relating to the debt settlement following the issuance of the summer exploration press release.
The insider debt settlement is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company to be issued to the insider does not exceed 25% of its market capitalization.
About Eskay Mining Corp:
Eskay Mining Corp (TSX VENTURE:ESK) is a TSX Venture Exchange listed company, headquartered in Toronto, Ontario. Eskay is an exploration company focused on the exploration and development of precious and base metals in British Columbia in a highly prolific, poly metallic area known as the Eskay Rift Belt located in the "Golden Triangle", 70km northwest of Stewart, BC. The Company currently holds mineral tenures in this area comprised of 177 claims (130,000 acres).
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