Bold Ventures Inc. Announces Debt Settlement
TORONTO, ONTARIO--(Marketwired - Jun 29, 2015) - Bold Ventures Inc. (TSX VENTURE:BOL) ("Bold" or the "Company") wishes to announce that it has entered into agreements to settle an aggregate of $30,000 of debt owed to certain insiders of the Company in consideration for the issuance of 600,000 common shares of the Company at a deemed price of $0.05 per share pursuant to the minimum pricing rules of the TSX Venture Exchange ("TSX.V"). The insiders have released the Company from debts totaling $54,500 for no consideration. The debt settlement eliminates an aggregate of $84,500 of current liabilities of the Company as at April 30, 2015. The disinterested directors of the Company have approved the debt settlements with the respective insiders and their associates and affiliates. The debt settlement is subject to TSX.V approval. The securities to be issued will be subject to a hold period of four months and a day.
The insider debt settlements are exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 ("MI 61-101") by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company to be issued to insiders does not exceed 25% of its market capitalization.
President and CEO Richard Nemis stated that: "Under these market conditions, this contibution by our management team is an excellent step in positioning Bold Ventures for the future. We continue to explore our projects and I am very pleased with the recent gold discoveries made by our team in Quebec at Lac Surprise. Combined with the recent progress of events at the Ring of Fire, the next year should be very interesting for our shareholders!"
Richard E. Nemis,
President and Chief Executive Officer
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.
Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
