VANCOUVER, BC, Sept. 20, 2021 /CNW/ - Stuhini Exploration Ltd. (the "Company" or Stuhini") (TSXV: STU) is pleased to announce that it has agreed to issue 48,936 common shares of the Company (the "Debt Shares") on a "shares-for-debt" basis in settlement of a debt of $23,000 owing to its Vice–President Exploration, Ehsan Salmabadi (the "Debt"). The Debt Shares are being issued at a deemed price of $0.47 per share, in accordance with the policies of the TSX Venture Exchange (the "TSX-V").
The issuance of the Debt Shares to Mr. Salmabadi constitutes a "related party transaction" within the meaning of the TSX-V Policy 5.9 (the "Policy") and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the Debt Shares, nor the Debt, exceeds 25% of the Company's market capitalization (as determined under MI 61-101).
The issuance of the Debt Shares is subject to the approval of the TSX-V. Any Debt Shares issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.
About Stuhini Exploration Ltd.
Stuhini is a mineral exploration company focused on the exploration and development of precious and base metals properties in western Canada. The Company's portfolio of exploration properties includes its flagship Ruby Creek Property located approximately 20 kilometres ("km") east of Atlin, BC; the Que Property located approximately 70 km north of Johnson's Crossing in the Yukon; the South Thompson Project located approximately 35 km northwest of Grand Rapids, Manitoba; and the Big Ledge Property located approximately 57 km south of Revelstoke, BC.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
We seek Safe Harbor
SOURCE Stuhini Exploration Ltd.
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