Lucky Announces Completion of Debt Transaction and Continuance Into British Columbia
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Directors and officers of the Company and subsidiary participated in the Debt Settlement and converted $93,913.45 of their outstanding debt consisting of employment fees, technical committee fees, directors fees, consulting fees, and government and community relations regarding the Montana property project as follows: Santiago Yepez Davila received 568,775 Settlement Shares, Joao Carrelo received 311,199 Settlement Shares, Steve Cozine received 95,753 Settlement Shares, Robert Rosner received 287,808 Settlement Shares, and Geologic Systems Ltd., a company owned by Shaun Dykes, received 439,867 Settlement Shares. Of this amount, creditor, American CuMo Mining Corp. ("American CuMo"), a company sharing one common director and officer of the Company, participated in the Debt Settlement and converted $8,743.35 of its outstanding debt of consulting fees into a total of 174,867 Settlement Shares.
Participation by insiders 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 relied upon exemptions from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 contained in sections 5.5(b) and 5.7(1)(a), respectively, with respect to the issuance of the Settlement Shares to the directors and officers.
Also at the annual and special meeting of shareholders held on March 5, 2020, Lucky's shareholders approved the continuance of the Company (the "Continuance") from the jurisdiction of Canada under the Canada Business Corporations Act into the jurisdiction of British Columbia under the Business Corporations Act (British Columbia). Accordingly, effective March 11, 2020, Lucky has continued into British Columbia under the Business Corporations Act (British Columbia) and the Notice of Articles and the articles of Lucky replaced the existing Articles of Incorporation and the by?laws.
The full text of the Articles are available on SEDAR under Lucky's profile at www.sedar.com.
The TSX-V has also approved the change in Lucky's constating documents resulting from the Continuance.
About Lucky
An exploration and development company targeting large-scale mineral systems in proven districts with the potential to host world class deposits. Lucky Minerals owns a 100% interest in the Fortuna and Emigrant Projects.
The Company's Fortuna Project is a royalty-free 550km2 (55,000 Ha, or 136,000 Acres) exploration concession. Fortuna is located in a highly prospective, yet underexplored, gold belt in southern Ecuador, adjacent to some of the world's largest discoveries in gold and copper.
The Emigrant Creek Project covers a 15 km2 area in an intensely altered and mineralized porphyry copper-gold-molybdenum system in southern Montana.
ON BEHALF OF THE BOARD
"Adrian Rothwell"
Chief Executive Officer
Further information on Lucky can be found on the Company's website at www.luckyminerals.com and at www.sedar.com, or by contacting Adrian Rothwell, President and CEO, by email at investors@luckyminerals.com or by telephone at (866) 924 6484.
Neither the 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.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any Lucky common shares in the United States.
Cautionary Statement Regarding Adjacent Properties and Forward-Looking Information
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements that involve 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. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect the Company's forward-looking information. Important factors that could cause actual results to differ materially from the Company's expectations also include risks detailed from time to time in the filings made by the Company with securities regulations.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
SOURCE: Lucky Minerals Inc.