Kirkland Lake, Ontario--(Newsfile Corp. - December 10, 2020) - RJK Explorations Ltd. (TSXV: RJX.A) (OTC: RJKAF) ("RJK" or "the Company") announces that, further to its news release of December 1, 2020, it has received TSX Venture Exchange acceptance of the shares for debt transaction to settle an aggregate of $156,940.86 in indebtedness of the Company owing to Mr. Glenn Kasner, President of RJK, through the issuance of 871,894 Class A Subordinate Voting Shares at a price of $0.18 per Class A Share (the "Settlement Shares"). The Settlement Shares are subject to the statutory hold period of four months and one day.
This debt settlement constitutes a "related party transaction" within MI 61-101 as the Settlement Shares were issued to an insider of the Company. The issuance of the Settlement Shares to an insider is exempt from the formal valuation and minority shareholder approval requirements under MI 61-101 pursuant to subsections 5.5(b) and 5.7(1)(a) as the Company's Class A Shares are not listed on a specified market and the fair market value of these securities will not exceed 25% of the Company's market capitalization.
Company Information: Tel: (705) 568-7445
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
This news release includes certain forward-looking statements, which may include, but are not limited to, statements concerning the settlement of outstanding debt. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "will", "anticipate", "believe", "plan", "estimate", "expect", "intend", "propose" and similar expressions. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed or implied in this news release. RJK assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements except as required by applicable law.
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