TORONTO, Oct. 15, 2018 (GLOBE NEWSWIRE) — MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines” or the “Company”), pursuant to its press release dated August 31, 2018, has settled the previously announced flow-through mining expenditure obligations (the “Debt”) relating to the obligation to indemnify certain purchasers (the “Indemnities”) against taxes and penalties payable in connection with the reassessment of such purchasers’ tax returns, with the issuance of common shares Class A Shares of the Company (the “Common Shares”). The Company and certain underwriters have entered into debt settlement agreements, which provide that the aggregate amount of indebtedness owed to such underwriters will be $30,894.13 and will be settled by the issuance of 617,883 common shares at a price deemed $0.05 per common share (the “Debt Transaction Shares”). The issuance of the common shares has received all applicable regulatory approvals, including the TSX Venture Exchange. The common shares issued pursuant to the share purchase transaction are subject to a four-month hold period expiring on January 26, 2019. The Company may settle similar debt securities related to the indemnities by issuing securities, although there is no guarantee that the Company will be able to enter into agreements with any other indemnified party in this regard.
In addition, the Company issued 500,000 common shares under definitive agreements related to its Jovan and Powerline properties.
About MacDonald Mines Exploration Ltd.
MacDonald Mines Exploration Ltd. is a mining exploration company headquartered in Toronto, Ontario, focused on gold exploration in Canada. The company has built a portfolio of infrastructure-rich projects in safe jurisdictions that offer the greatest potential for market returns.
The Company’s common shares trade on the TSX Venture Exchange under the symbol “BMK”.
To learn more about MacDonald Mines, please visit www.macdonaldmines.com
For more information please contact:
Quentin Yarie, President and CEO, (416) 364-4986, This email address is protected from spam. You need JavaScript enabled to view it.
Or Mia Boiridy, Investor Relations, (416) 364-4986, This email address is protected from spam. You need JavaScript enabled to view it.
Caution :
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. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.
The foregoing information may contain forward-looking statements regarding the future performance of the Company. Forward-looking statements, particularly those regarding future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company’s plans and expectations. These projects, the expectations, risks and uncertainties are detailed herein and, from time to time, in the documents filed by the Company with the TSX Venture Exchange and the securities authorities. MacDonald Mines does not undertake any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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