PNN:CC - Pambili Updates Shares-for-debt Application
(TheNewswire)
Calgary , AB - TheNewswire - April 19,2023 - Further to the press release issued onFeb. 9, 2023, Pambili Natural Resources Corporation(" Pambili " or the " Corporation ") (TSX-V:PNN) announces an update to the amount of debt being converted toshares in the Corporation.
After an initial review of the application by the TSXVenture Exchange (TSX-V), the total amount ofdebt (including Extraordinary Debt) being converted to equity at $0.025 per share has been increased to C$ 932,925.85 . Following final approval from theTSX, Pambili will issue 37,317,034 new shares in Pambili, bringing thetotal number of shares in issue to 259,534,446.
The proposed shares-for-debt transaction willfacilitate the securing of investment required to fund the requireddue diligence on several potential gold assets being targeted inZimbabwe.
Pambili further confirms that despite receivingshareholder approval for his appointment to the board, Mr. SimisaniKupe withdrew his nomination prior to the last Special Meeting ofShareholders (SGM). Accordingly, the Company is in discussion withseveral alternative candidates to fill the vacancy of a fourthdirector which was approved at the SGM.
About Pambili Natural ResourcesCorporation: Pambili Natural ResourcesCorporation is a natural resources exploration and development company( www.pambilinrc.com ) currentlyactive in Zimbabwe and in the province of Alberta.
For further information,contact:
Pambili NaturalResources Corporation
T : +1 403 2774421
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Caution Regarding Forward-Looking InformationForward-looking statements - Certain information set forth in thisnews release may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Forward-lookingstatements are often, but not always, identified by words such as“believes”, “may”, “likely”, “plans”, or similarwords. Forward- looking statements included in this news releaseinclude statements with respect to work to be done on the Happy Valleymine in Zimbabwe. These forward-looking statements are subject tonumerous risks and uncertainties, certain of which are beyond thecontrol of the Corporation, including, but not limited to the impactof general economic conditions, industry conditions, currencyfluctuations, and dependence upon regulatory approvals. TheCorporation does not assume any obligation to update theforward-looking statements to reflect changes in assumptions orcircumstances other than as required by applicable law.
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