FMN:CC - Fidelity Minerals Announces Closing of Shares for Debt Transaction and Loans from Lions Bay Capital Inc.
(TheNewswire)
Vancouver, BC, June 19, 2024 – TheNewswire – Fidelity Minerals Corp. (TSX-V: FMN | FSE: S5GM | SSE: MNYC) (“ Fidelity ” or the“ Company ”) is pleased to announce that,further to the news release of March 1, 2024, the Company has settleddebt in the amount of $701,882.50 by theissuance of 14,037,650 common shares at a deemed price of $0.05 pershare (the “ SettlementShares ”). The Settlement Shares are subjectto a four-month hold period expiring on October 20, 2024.
Of the shares for debt settlement, $180,245 was owed toinsiders of the Company related to outstanding fees and $425,000 wasowed to Lions Bay Capital Inc. (“ Lions Bay ”) relatedto outstanding loans. Lions Bay is a major shareholder of Fidelity andhas provided continued support in the form of unsecurednon-interest-bearing advances (“ Loans ”) to Companysince December of 2022 which totalled $622,477 prior to the shares fordebt settlement. Subsequent to the shares for debt transaction, theLoans outstanding from Lions Bay is $197,477.
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 orientedfinancial information (“FOFI”) within the meaning of applicablesecurities laws. The information in this news release has beenprepared by our management to provide a context to provide the readerwith an outlook for our future activities and anticipated keymilestones 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.
Copyright (c) 2024 TheNewswire - All rights reserved.