Canadian Metals Inc.: Announces Shares For Debt Settlements
Canadian Metals Inc. ("CME" OR THE "CORPORATION") (CSE: CME), announces the Company has entered into debt settlement agreements related to an aggregate of $1,656,247 outstanding debt (the "Debt") - representing outstanding principal and interest owing from the Debentures (as defined herein). In settlement of the Debt, the Company will issue an aggregate of approximately 6,091,029 common shares in the capital of the Company (the "Debt Shares") at a deemed price of $0.24 per Debt Share (the "Debt Settlement"). The indebtedness relates to outstanding principal and interest owing regarding previously issued unsecured convertible debentures of the Corporation issued on December 18, 2020 (the "Debentures"). All common shares issued in connection with the Debt Settlement will be subject to a statutory four month and one day hold period, in accordance with the policies of the Canadian Securities Exchange ("CSE") and applicable securities laws. The issuance of the Debt Shares is subject to certain conditions including the receipt of all necessary regulatory approvals, including the approval of the CSE.
About Canadian Metals Inc.
Canadian Metals is a diversified resource company focused on creating shareholder value through the development of large-scale mineral deposits in specific commodities and safe jurisdictions.
Website: https://www.canadian-metals.com
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement Cautions:
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact included herein including, without limitation, statements relating to the future operating or financial performance of the Corporation, are forward-looking statements. Forward-looking statements are generally, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", "plans" and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things: receipt of any required regulatory approvals for the issuance of the Debt Shares.
Although CME believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct or accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Readers should not place undue reliance on the forward-looking statements and information contained in this press release. The statements in this press release are made as of the date of this release. Except as required by law, CME expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this press release.
SOURCE Canadian Metals Inc.
For more information, please contact: Arnab De, CFO, Email: info@canadianmetalsinc.com, Phone Number: 514.619.2400