TORONTO, Nov 12, 2014 - New Klondike Exploration Ltd. (TSX VENTURE:NK) ("New Klondike" or the "Company") is pleased to announce that it has completed the debt settlements with two creditors previously disclosed in the Company's press release dated October 23, 2014. The creditors received a total of 792,700 common shares of New Klondike with a deemed value of $0.05 per share in settlement of current liabilities totaling $39,635 for their professional geological services.
One of the creditors, Sears Barry & Associates Limited ("SBA"), is a non-arm's length party as 50% of SBA is owned by Mr. Seymour Sears, P. Geo., a director of New Klondike. SBA's charge for Mr. Sears' professional services totalling $22,400 was settled by the issuance of 448,000 common shares of New Klondike. The second creditor, Mr. Hillar Pintson, P.Geo., is an arms-length party to the Company. Mr. Pintson's charge for his professional services totalling $17,235 was settled by the issuance of 344,700 common shares of New Klondike. The common shares issued in connection with the debt settlements are subject to a four-month hold period expiring on March 11, 2015.
About New Klondike
New Klondike is an Ontario focused mineral exploration and development company with a primary objective of exploring for and developing base and precious metal deposits on its Goldstorm Project. The Company presently has 20,415,545 common shares issued and outstanding.
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 press release.
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TORONTO, Nov 12, 2014 - New Klondike Exploration Ltd. (TSX VENTURE:NK) ("New Klondike" or the "Company") is pleased to announce that it has completed the debt settlements with two creditors previously disclosed in the Company's press release dated October 23, 2014. The creditors received a total of 792,700 common shares of New Klondike with a deemed value of $0.05 per share in settlement of current liabilities totaling $39,635 for their professional geological services.
