Business & Finance
Business and Finance
Business and Finance
Sat, March 3, 2012
Fri, March 2, 2012 Martina Minerals Corp. Announces TSXV Approval of Proposed Debt Settlement Transaction
March 02, 2012 14:01 ET
Martina Minerals Corp. Announces TSXV Approval of Proposed Debt Settlement Transaction
TORONTO, ONTARIO--(Marketwire - March 2, 2012) - Further to its press release of February 16, 2012, Martina Minerals Corp. (the "Company") (TSX VENTURE:MTN) is pleased to announce that the TSX Venture Exchange has approved the terms of a shares-for-debt transaction involving certain of the Company's third party creditors.
Martina has agreed to issue a total of 3,266,666 shares and 2,666,666 warrants in settlement of an aggregate of $254,370 of outstanding debt owing in respect of legal, book-keeping and administrative services rendered to the Company. Each warrant will be exercisable into one common share for a period of 24 months from the date of issue at an exercise price of $0.10. All securities will be subject to a statutory four-month hold period.
The debt settlement will enable the Company to invest more of its available cash resources in mineral exploration and development initiatives in the Philippines.
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.
