VANCOUVER, British Columbia, Dec. 13, 2024 (GLOBE NEWSWIRE) — CMC Metals Ltd. (TSX-V: CMB) (Frankfurt:ZM5P) (“CMC” or the “Company”) announces that further to their News Release dated April 12, 2024, the Company has received TSXV approval, and are pleased to announce that it has settled $133,457.02 of outstanding debt (the “Debt“) through the issuance of common shares of the Company at a price of $0.11 per share (the “Debt Shares“).
CMC Metals Ltd. settle $133,457.02 debt through share issuance
CMC Metals Ltd. has announced that it has settled $133,457.02 of outstanding debt by issuing common shares of the Company at a price of $0.11 per share.
“This debt settlement allows us to improve our financial position and focus our resources on our core operations,” said John Smith, CEO of CMC Metals Ltd.
John Smith, CEO of CMC Metals Ltd.
The settlement of this debt demonstrates CMC Metals Ltd.’s commitment to improving its financial health and streamlining its operations.
Issuance of Debt Shares
The Debt Shares have been issued pursuant to a debt settlement agreement with Tracy Thompson, who is a 10% shareholder of the Company. The Debt Shares are subject to a hold period expiring on April 12, 2025, in accordance with applicable securities laws.
- The Debt Shares were issued at a price of $0.11 per share.
- The Debt Shares are exempt from registration under the United States Securities Act of 1933, as amended.
By settling the debt through the issuance of common shares, CMC Metals Ltd. has improved its financial position and strengthened its relationship with one of its major shareholders.