VANCOUVER, British Columbia, Nov. 27, 2018 (GLOBE NEWSWIRE) — Bankers Cobalt Corp. (TSXV: BANC; FSE: BC2; OTCQB: NDENF) (the “Corporation” or “Bankers”) announces that it has agreed to settle $136,458.20 of debt owing to its consultants and insiders by issuing 2,729,164 common shares in the capital of the Company at a deemed price of $0.05 per common share (the “Shares”). No warrants were issued in connection with the debt settlement.
The debt settlement transaction is subject to the approval of the TSX Venture Exchange and all Shares issued pursuant to the debt settlements will be subject to a four-month statutory hold period. The debt settlement will not create a new control person.
The Company believes it is in the best interest of its shareholders to reduce the amount of accrued indebtedness to improve its financial position.
The issuance of portion of the Shares constitutes a Related Party Transaction within the meaning of Multilateral Instrument 61-101, as directors and officers of the Company will receive an aggregate of 2,158,860 Shares. All the directors of the company without a material interest in the debt settlement, acting in good faith, considered the debt settlement and have determined that the value of the consideration received by Bankers is fair and reasonable. Bankers notes that in this regard the $0.05 per Share debt settlement price is above the current trading price for the Company’s common shares. Bankers is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the debt settlement insofar as it involves related parties, does not exceed 25 per cent of the market capitalization of Bankers.
About Bankers
Bankers is a natural resource company with a primary focus on the acquisition, exploration and development of cobalt and copper mineral properties in the DRC and Namibia to world-class Canadian standards. Bankers has acquired an option on licenses covering 1,078 km² in Namibia with the potential for copper, cobalt and other metals. Bankers holds rights to 30 separate mineral concessions strategically located in the southern DRC Copperbelt and having a total area of more than 400km². Bankers has the intention to acquire interests in additional concessions or relinquish concessions in the normal course of business. All DRC concessions were obtained as either new grants or through reputable DRC partners and have clean title with no government involvement. Bankers has an experienced management team operating in the southern CopperBelt of the DRC and Namibia.
ON BEHALF OF THE BOARD OF BANKERS COBALT CORP.
“Stephen Barley”
Chairman & CEO
For further information:
Phone: 604.684.6730
Email: [email protected]
Website: www.bankerscobalt.com
Reader Advisory
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains “forward-looking information” within the meaning of applicable securities laws including statements relating to the Debt Settlement, regulatory approvals required in connection with the Debt Settlement, the outlook of the business of the Corporation, the Corporation’s intention to acquire additional concessions, the Corporation’s ability to explore and develop the concessions, the results of any development and exploration, . Although the Corporation believes considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them as the Corporation can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this news release are made as of the date of this release. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation its securities, or its financial or operating results.
