SPEY RESOURCES CORP. CLOSES DEBT SETTLEMENT TRANSACTION
Further to Spey Resources Corp.'s news release dated Nov. 4, 2024, the company has closed a debt settlement transaction whereby the company has issued 1,475,000 common shares in the capital of the company to settle an aggregate of $143,500 of indebtedness (the debt settlement).
The company issued 400,000 shares at a deemed price of nine cents per share and 1,075,000 shares at a deemed price of 10 cents per share. All shares are subject to a hold period of four months and one day, in accordance with applicable securities laws.
As part of the debt settlement, certain related parties of the company have settled $27,500 worth of debt owed for unpaid management and corporate secretary services in consideration for 275,000 shares. The issuance of these 275,000 shares to the related parties, constitutes a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The company is relying on the exemptions under Section 5.5(a) and Section 5.7(1)(a) from the formal valuation and minority shareholder approval requirements of MI 61-101, as the fair market value of the shares issued to the related party does not exceed 25 per cent of the company's market capitalization, as determined in accordance with MI 61-101. The company will not file a material change report 21 days prior to the debt settlement because the details of such debt settlement had not been confirmed at that time.
About Spey Resources
Spey Resources Corp. is a Canadian lithium focused mineral exploration company which has an 80% interest in the Candela II lithium brine project located in the Incahuasi Salar, Salta Province, Argentina. Spey also holds a 100% interest in the Kaslo Silver project, west of Kaslo, British Columbia and an option to acquire a 100% interest in certain mineral claims located in Nova Scotia.
FOR FURTHER INFORMATION CONTACT:
Nader Vatanchi
CEO, Director
e: nader@speyresources.cap
p: 778-881-4631
Neither the Canadian Securities Exchange nor its Market Regulator (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to the Company completing the acquisition of Antimony, the consideration shares being free trading, the receipt of approval by the Canadian Securities Exchange, the name change and symbol change and anticipated timing thereof. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipates", "anticipated" "expected" "intends" "will" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are from those expressed or implied by such forward-looking statements or forward-looking information subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different, including receipt of all necessary regulatory approvals. Although management of the Company have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.