OAKVILLE, ON, June 12, 2015 /CNW/ - Canoe Mining Ventures Corp.
(TSXV: CLV) ("Canoe") announces that further to its news release
dated May 29, 2015, it has
extinguished a total of $104,165 of debt relating to consulting fees and
service fees to certain arm's length and non-arm's-length parties
by issuing an aggregate of 2,083,308 common shares of Canoe at a
deemed price of $0.05 per share (the
"Debt Settlement"). The actual debt settlement has been
reduced from the previously announced amount of $117,946.68.
As part of the Debt Settlement, Mr. Duane Parnham (the President, CEO, and a
director of Canoe) was issued 350,000 common shares and Growth
Consulting Ltd., a company wholly owned by Mr. Ron Reed (the CFO of Canoe), was issued 350,000
common shares. The participation of each of Mr. Parnham and Growth
Consulting Ltd. (collectively, the "Related Parties") in the Debt
Settlement is considered a "related party transaction" under
Multilateral Instrument 61-101 Protection of Minority Security
Holders in Special Transactions ("MI 61-101"). Canoe is relying
on Sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, for
exemptions from the formal valuation and minority approval
requirements under MI 61-101, as neither the fair market value of
the common shares to be issued to the Related Parties nor the
amount of debt to be settled pursuant thereto exceeds 25% of
Canoe's market capitalization.
All common shares issued pursuant to the Debt Settlement will be
subject to a hold period of four months and one day from their date
of issuance and as such are restricted from trading until
October 11, 2015.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
On Behalf of the Board of Directors of Canoe,
Duane Parnham, President and CEO
Forward Looking Statements
This news release includes certain forward-looking statements or
information. All statements other than statements of historical
fact included in this release or other future plans, objectives or
expectations of Canoe are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from Canoe's plans or expectations include
risks relating to the actual results of current exploration
activities, fluctuating gold prices, possibility of equipment
breakdowns and delays, exploration cost overruns, availability of
capital and financing, general economic, market or business
conditions, regulatory changes, timeliness of government or
regulatory approvals and other risks detailed herein and from time
to time in the filings made by Canoe with securities regulators.
Canoe expressly disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise except as otherwise
required by applicable securities legislation.
SOURCE Canoe Mining Ventures Corp.