GFTRF - Gold'n Futures Announces Debt Settlement
(TheNewswire)
Vancouver, BC - TheNewswire - December 5, 2023 - GOLD’N FUTURES MINERALCORP. (CSE:FUTR) (FSE:G6M),(OTC:GFTRF) (the “ Company ” or“ Gold’nFutures ”) announced that it has entered intodebt settlement agreements (the “ Settlement Agreements ”) to settle outstanding cash payments owed to twocreditors (the “ Creditors ”) totaling $76,000 for legal,accounting and corporate administration fees. Pursuant to theSettlement Agreements, the Company has agreed to issue an aggregate of7,600,000 common shares (“ Shares ”) at a deemed price of $0.01 perShare, based on a 20-day VWAP. The Company anticipates closing theSettlement Agreements on or about December 11, 2023.
The board of directors of the Company has determinedthat it is in the best interests of the Company to settle theoutstanding debts by the issuance of the Shares in order to preservethe Company's cash for working capital.
The Company will be relying on the “Employee, Executive Officer,Director and Consultant” exemption contained in section 2.24 (the“ Exemption ”) of NI 45-106Prospectus Exemptions, to issue the Shares to the Creditors.Securities issued under the Exemption are subject to a seasoningperiod, however they are not subject to a 4 month and 1 day resalerestriction.
One Settlement Agreement in the amount of $46,000 is with Fish PurdyLLP., a company partially controlled by Matthew Fish, a director ofthe Company, and accordingly this is a "related partytransaction" as such term is defined by Multilateral Instrument61-101 - Protection of Minority Security Holders in SpecialTransactions (" MI61-101 "). The Company will rely on the exemption fromformal valuation and minority shareholder approval requirements setout in MI 61-101 as the fair market value of the transaction does notexceed 25% of the market capitalization of the Company, as determinedin accordance with MI 61-101.
AboutGold’n Futures Mineral Corp.
Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M) (OTC: GFTRF) isa mineral exploration company with two advanced Canadian goldprojects . The Hercules Gold Project is 195 km northeast ofThunder Bay, Ontario in the Beardmore – Geraldton gold mining camp. It is 54 km north west of Equinox Gold’s Greenstone gold mine thatreportedly boasts 5.5 million ounces of Proven and Probable Reserves( https://www.equinoxgold.com/growth-projects/greenstone-project/ ). The Hercules Property consists of 425 contiguous claims(11,370 ha). From the historical and its current work, the Companyhas built a comprehensive database and model and is preparing a newMineral Resource Estimate based upon current and historical drillingtotalling the order of 537 holes comprising 114,000 m of core.
The Brady-Huxter Gold Project is in CentralNewfoundland, 50 km southeast of the town of Gander. TheBrady-Huxter property consists of nine mineral licenses, which cover2,350 ha and contains two large porphyry-hosted gold deposits, theReid and Mosquito Hill. These deposits have a combined drill-definedhistorical resource estimate of 59.5 million tonnes containing 938,753oz of indicated and inferred gold mineralization (see Gold’n Futuresnews of October 16, 2023).
Gold’n Futures is conducting programs to expand itsgold resources and to develop viable gold mining operations throughthe application of extensive geological experience and knowledgecombined with advanced technologies and computer modeling.
For more information, please visit our website at: www.goldnfuturesmineralcorp.com
On behalf of the Board ofDirectors
For further information
Stephen Wilkinson,
President and CEO,
Email: stephen@goldnfutures.com
Ph: +1.236.886.8808
Neither the Canadian SecuritiesExchange nor the Market Regulator (as that term is defined in thepolicies of the Canadian Securities Exchange) accepts responsibilityfor the adequacy or accuracy of this release.
Forward-Looking Statements:
This news release containsforward-looking statements that constitute forward-looking information(collectively, "forward-looking statements") within themeaning of applicable Canadian securities legislation. All statementsin this news release that are not purely historical statements of factare forward-looking statements, including statements regarding thesuccessful issuance of the common shares and the extinguishment of thedebt. Although the Company believes that such statements arereasonable and reflect expectations of future developments and otherfactors which management believes to be reasonable and relevant, theCompany can give no assurance that such expectations will prove to becorrect. Forward-looking statements are typically identified by wordssuch as: "believes", "expects", "aim","anticipates", "intends", "estimates","plans", "may", "should","would", "will", "potential","scheduled" or variations of such words and phrases andsimilar expressions, which, by their nature, refer to future events orresults that may, could, would, might or will occur or be taken orachieved.
Forward-looking statements involveknown and unknown risks, assumptions, uncertainties and other factorswhich may cause the actual results, performance or achievements of theCompany to differ materially from any future results, performance orachievements expressed or implied by the forward-looking statements,and includes those risks described in the Company's Listing Statementdated August 19, 2020 and the Company's management's discussion& analysis for the fiscal year ending December 31, 2022, copies ofwhich are available under the Company's profile at www.sedarplus.ca.Forward-looking statements are made as of the date of this newsrelease and, unless required by applicable law, the Company assumes noobligation to update the forward-looking statements or to update thereasons why actual results could differ from those projected in theseforward-looking statements.
Readers are cautioned not to placeundue reliance on forward-looking statements. The Company undertakesno obligation to update any of the forward-looking statements in thisnews release except as otherwise required by law.
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