SMR:CC - Shine Minerals Corp. Update on Financing
(TheNewswire)
Kelowna, B C - TheNewswire - June 05, 2023 - Shine Minerals Corp. (the " Company ") (TSX-V:SMR.H ) announces that is has applied to the TSXV for approval to complete anon-brokered private placement to raise proceeds of up to $500,000through the offering of Units (each "Unit"), at $0.056 perUnit (the "Offering"). The Units shall consist of one commonshare of the Company and one common share purchase warrant (a"Warrant"). Insiders participating in the placement shallreceive 1/2 warrant as part of the units purchased. Each Full Warrantentitles the holder to purchase one common share of the Company at aprice of $0.075 per share for a period of 12 months following the dateof issuance.
Proceeds from the Offering will be used for generalworking capital purposes.
The Company further announces that it has entered intoshares-for-debt settlement agreements to settle an aggregate $180,000in debt through the issuance of Debt shares at a deemed value of$0.056 per share to certain creditors of the corporation. There are nofinder’s fees or commissions payable in connection with the Offeringor the Debt Settlement transaction.
The issuance of the offering and the Debt Shares willconstitute a "related party transaction" within the meaningof the TSX-V Policy 5.9 (the " Policy ") and MultilateralInstrument 61-101 – Protection of Minority Security Holders inSpecial Transactions (" MI 61-101 ") adopted in the Policy.The Company intends to rely on the exemptions from the formalvaluation and minority shareholder approval requirements of MI 61-101contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither thefair market value (as determined under MI 61-101) of the Debt Shares,nor the Debt, exceeds 25% of the Company’s market capitalization (asdetermined under MI 61-101).
The Offering and the Debt Settlement is subject to thefinal acceptance of the TSX Venture Exchange (“ TSXV ”). The Companyshares issued upon closing will be subject to a statutory 4-month holdperiod.
Shine notes that the previously announced placement onApril 28, 2023 was canceled and replaced with the placement termsnoted herein.
This news release does not constitute an offer to sellor a solicitation of an offer to sell any of the securities in theUnited States. The securities have not been and will not be registeredunder the United States Securities Act of 1933, as amended (the"U.S. Securities Act") or any state securities laws and maynot be offered or sold within the United States or to U.S. Personsunless registered under the U.S. Securities Act and applicable statesecurities laws or an exemption from such registration isavailable.
About Shine Minerals Corp.
Shine Minerals Corp is a Canada-based natural resourcefocused company. The Company is engaged in the acquisition,exploration, evaluation, and development of mineral resourceassets .
On Behalf Of The Board
Devinder Randhawa
CEO and Director
For more information pleaseContact:
Mr. James Bannerman
Tel: 1-866-979-7022
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this news release.
Cautionary Statement RegardingForward Looking Information
This news release contains “forward?lookinginformation or statements” within the meaning of applicablesecurities laws, which may include, without limitation, statementsthat address the Company’s plans for itsproperties/projects, the closing of the debt settlement, otherstatements relating to the technical, financial and business prospectsof the Company, and other matters. Allstatements in this news release, other than statements of historicalfacts, that address events or developments that the Company expects tooccur, are forward-looking statements. Although the Company believesthe expectations expressed in such forward-looking statements arebased on reasonable assumptions, such statements are not guarantees offuture performance and actual results may differ materially from thosein the forward-looking statements. Such statements and information arebased on numerous assumptions regarding present and future businessstrategies and the environment in which the Company will operate inthe future, including the price of metals, the ability to achieve itsgoals, that general business and economic conditions will not changein a material adverse manner, that financing will be available if andwhen needed and on reasonable terms. Such forward-looking informationreflects the Company’s views with respect to future events and issubject to risks, uncertainties and assumptions, including those filedunder the Company’s profile on SEDAR at www.sedar.com . The Companydoes not undertake to update forward?looking statements orforward?looking information, except as required by law.
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