FMN:CC - Fidelity Announces Shares for Debt Settlement
(TheNewswire)
Vancouver, BC / TheNewswire / March 1 st , 2024 – Fidelity Minerals Corp. (TSXV:FMN ) ( FSE:S5GM ) ( SSE: MNYC) (“ Fidelity ” or the“ Company ”) announces it has agreed to issuean aggregate 14,255,900 common shares in the capital of the Company ata deemed price per common share of $0.05 to settle approximately$712,795 in debt (the “ Shares for DebtSettlement ”). Of the Shares for DebtSettlement, $612,745 is owed to insiders of the Company and $100,050is owed to arms-length creditors.
The board of directors and management of the Companybelieve that the proposed Shares for Debt Settlement is in the bestinterests of the Company because it allows the Company to preserve itsfunds for operations.
The Shares for Debt Settlement is subject to TSXVenture Exchange approval.
The settlement shares will be subject to a statutoryfour-month hold period from the date of issuance.
The debt settlement with each insider will be a"related party transaction" under Policy 5.9 of the TSXVenture Exchange and Multilateral Instrument 61-101 – Protection ofMinority Security Holders in Special Transactions ("MI61-101"). The debt settlement with each of these individuals isexempt from the minority approval and formal valuation requirements ofMI 61-101 pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101 asneither the fair market value of the debt, nor the fair market valueof the shares to be issued in settlement of the debt, exceeds 25% ofthe Company's market capitalization.
About Fidelity Minerals Corp.
Fidelity Minerals Corp. has assembled a portfolio ofhigh-quality mining assets in Peru and aims to delineate majordeposits on these properties that could attract the interest ofmid-tier and major mining companies. Fidelity has a portfolio ofassets in Peru and is currently focused on progressing its mostadvanced project – Las Huaquillas. Fidelity is also looking toopportunistically expand its project portfolio with accretiveacquisitions. The company is backed by an experienced management teamwith diverse technical, market, and commercial expertise and issupported by committed, and sophisticated investors focused onbuilding long-term value.
On behalf of the Board of Fidelity Minerals.
Dean Pekeski
CEO, President and Director
Email: dean@fidelityminerals.com
For more information, please visit the corporatewebsite at http://www.fidelityminerals.com or contact:
NEITHER THE TSXVENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM ISDEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTSRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWSRELEASE.
Disclaimer & Forward-LookingStatements: This news releasecontains forward-looking statements. Forward-looking statements arestatements that relate to future events or future financialperformance. In some cases, you can identify forward-lookingstatements by the use of terminology such as “may”, “should”,“intend”, “expect”, “plan”, “anticipate”,“believe”, “estimate”, “project”, “predict”,“potential”, or “continue” or the negative of these terms orother comparable terminology. These statements speak only as of thedate of this news release. This news release may also containinferences to future oriented financial information (“FOFI”)within the meaning of applicable securities laws. The information inthis news release has been prepared by our management to provide acontext to provide the reader with an outlook for our futureactivities and anticipated key milestones and may not be appropriate for other purposes.Forward-looking statements in this announcement include, (but are notlimited to) advancing certain key project activities that couldrepresent important milestones which the Company expects may representmaterial valuation catalysts, such as the expectation that through the assembling of a portfolio ofhigh-quality mining assets in Peru, the Company aims to delineatemajor deposits on these properties that could attract the interest ofmid-tier and major mining companies. Further, forward-looking statements inthis release include that Fidelity Minerals Corp. is also looking to opportunisticallyexpand its project portfolio with accretive acquisitions.
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