Comstock Announces Shares for Debt Transaction

By Anwesha Sengupta

Comstock Metals Ltd. (TSXV: CSL) (“Comstock” or the “Company”) announced today that it proposes to issue an aggregate of 500,000 common shares in satisfaction of Cdn$25,000 of indebtedness. This indebtedness is owing to the optionor of the Company’s QV Property for the 2018 advance royalty payments. The deemed issue price of the common shares for this indebtedness is $0.05 per share.

The Company is satisfying the foregoing indebtedness with common shares based on the terms of prior agreements that permit it to do so, and, in order to preserve its cash for use on its properties and for working capital. The shares will be issued upon acceptance by the TSX Venture Exchange. The common shares issued in satisfaction of the indebtedness will be subject to a four month hold period from the date of issuance.

About Comstock Metals Ltd.

Comstock Metals Ltd. is a Canadian-focussed mineral exploration company with various resources projects located in Canada.

For more information about Comstock Metals Ltd., please visit www.comstock-metals.com or contact:

Steven H. Goldman

Interim President, CEO and Director

COMSTOCK METALS LTD.
Phone: (416) 867-9100
Email: s.goldman@goldmanhine.com

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.

The post Comstock Announces Shares for Debt Transaction appeared first on Investing News Network.

…read more

From:: Investing News Network

Comments are closed.