10:40:02 EDT Mon 22 Oct 2018
Enter Symbol
or Name
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CA



Pele Mountain Resources Inc (2)
Symbol C : GEM
Shares Issued 20,999,693
Close 2017-12-29 C$ 0.06
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Pele Mountain closes $878,211 in debt settlements

2017-12-29 15:41 ET - News Release

An anonymous director reports

PELE MOUNTAIN ANNOUNCES CLOSING OF DEBT SETTLEMENTS

Further to Pele Mountain Resources Inc.'s press release dated Dec. 8, 2017, it has closed certain of the previously announced debt settlements with its creditors, including creditors who are related parties of the corporation, providing for the settlement of approximately $878,211 of its outstanding debts. Pursuant to the debt settlement, approximately $628,801 in debt will be settled through the issuance of an aggregate of 9,247,078 common shares of the corporation at a price of 6.8 cents per common share, $87,000 in debt will be settled through the issuance of 966,667 common shares at a price of nine cents per common share, $68,189 will be paid in cash and $94,221 owed to related party creditors will be forgiven. The common shares issued pursuant to the first debt settlement closing are subject to a statutory hold period of four months and one day from the closing date.

The corporation is also waiting for final approval from the TSX Venture Exchange of the settlement of an additional debt amount of $335,246 in exchange for the issuance of 4,930,098 common shares. Following the closing of the first debt settlement closing and the second debt settlement closing, Pele will have reduced its indebtedness to less than $123,000 (net of disputed/aged payables of approximately $98,000) and increased the number of issued and outstanding common shares to 36,145,536.

About Pele Mountain Resources Inc.

Pele shares are listed on the TSX-V under the symbol GEM. Management is focusing on seeking out strategic alternatives for Pele to enhance shareholder value.

We seek Safe Harbor.

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