Military Metals Corp. Announces Shares for Debt and Corporate Update
Military Metals Corp. Announces Shares for Debt and Corporate Updates
VANCOUVER, BC – September 3, 2024 – Military Metals Corp. (CSE: MILI; OTCQX: XOEEF; FSE: QN9) (the “Company”) is pleased to provide the following updates.
Shares for Debt
The Company announces that it will be entering into a shares for debt transaction with certain creditors of the Company (the “Creditors”) to settle an aggregate of $300,000 in debt (the “Debt”) accrued through services provided by the Creditors to the Company (the “Debt Settlement”).
In settlement and full satisfaction of the Debt, the Company has agreed to issue to the Creditors an aggregate of 600,000 common shares in the capital of the Company (the “Debt Shares) at a deemed issue price of $0.50 per Debt Share (the “Debt Settlement”). The issuance of the Debt Shares is subject to approval of the Canadian Securities Exchange (the “CSE”).
Certain insiders of the Company will be participating in the Debt Settlement and are related parties of the Company pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Related party involvement in the Debt Settlement constitutes a “related party transaction”. The issuance of the Debt Shares to insiders is exempt from the formal valuation and minority shareholder approval requirements under MI 61-101 pursuant to subsections 5.5(b) and 5.1(1)(a) as the Company’s common shares are not listed on a specified market and the fair market value of these securities will not exceed 25% of the Company’s market capitalization.
All Debt Shares issued in connection with the Debt Settlement are subject to a statutory hold period of four months plus a day from the date of issuance of the Debt Shares in accordance with applicable securities legislation.
Additional Corporate Updates
On September 1, 2024, the Company entered into a media services contract (the “Market One Agreement”) with Market One Media Group Inc. (“Market One”). Pursuant to the terms of the Market One Agreement, Market One will, among other items, provide the Company with marketing services, which includes social media management, content creation, distribution, digital marketing, and any other marketing services as agreed upon by the Company and Market One (the “Services”) for distribution on popular investor platforms such as BNN Bloomberg and Benzinga. The Market One Agreement has a term of twelve (12) months and is anticipated to commence on or about September 1, 2024. The Company will make a one-time payment to Market One of $25,000, plus applicable taxes, as consideration for the Services. Farhan Lalani will be providing the Services to the Company on behalf of Market One, and may be contacted at 604-428-2125 or [email protected], or Suite 320, 440 West Hastings Street, Vancouver, BC, V6B 1L1. The Company will not issue any securities to Market One as compensation. Both Farhan Lalani and Market One are arm’s length to the Company and do not have any interest, direct or indirect, in the Company or its securities nor do they have any right to acquire such an interest.
About Military Metals Corp.
The Company is a British Columbia-based mineral exploration company that is primarily engaged in the acquisition and exploration of mineral properties. The Company’s sole mineral property interest is the Manson Bay Project located in the Province of Saskatchewan.
For more information, please contact:
Latika Prasad CEO and Director
For enquiries, please call 604-229-9445 or toll free 1-833-923-3334.
This news release contains “forward-looking information”. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this news release. Additional risk factors can also be found in the Company’s public filings under the Company’s SEDAR+ profile at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward- looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances, management’s estimates or opinions should change, except as required by securities legislation. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
The Canadian Securities Exchange has neither approved nor disapproved the information contained herein and does not accept responsibility for the adequacy or accuracy of this news release.