TORONTO, ON / ACCESSWIRE / September 5, 2019 / Eskay Mining Corp. (“Eskay” or the “Company”) (TSX-V:ESK) wishes to announce that it has entered into agreement to settle an aggregate of $90,000 of management fees owed to a company controlled by an insider of the Company in consideration for the issuance of 1,263,157 common shares of the Company at a price of $0.07125 per share. The disinterested directors of the Company have approved the debt settlement with the insider and his affiliated company. The debt settlement is subject to TSX Venture Exchange approval. The securities to be issued will be subject to a hold period of four months and a day. The Company also wishes to announce that an aggregate of 1,300,000 options to purchase common shares of Eskay at $ 0.095 per share for five years have been granted to two (2) directors and one (1) consultant of Eskay. The grant is subject to acceptance by the TSX Venture Exchange.
The insider debt settlement is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 (“MI 61-101”) by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in that the fair market value of the consideration for the securities of the Company to be issued to insider does not exceed 25% of its market capitalization.
About Eskay Mining Corp:
Eskay Mining Corp (TSX-V:ESK) is a TSX Venture Exchange listed company, headquartered in Toronto, Ontario. Eskay is an exploration company focused on the exploration and development of precious and base metals along the Eskay rift in a highly prolific region of northwest British Columbia known as the “Golden Triangle,” approximately 70km northwest of Stewart, BC. The Company currently holds mineral tenures in this area comprised of 177 claims (130,000 acres).
For further information, please contact:
T: 416 907 4020
President & Chief Executive Officer
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 Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
SOURCE: Eskay Mining Corp.