01:30:18 EDT Mon 23 Apr 2018
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Pele Mountain Resources Inc (2)
Symbol C : GEM
Shares Issued 20,999,693
Close 2018-01-08 C$ 0.07
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Pele Mtn closes second tranche of debt settlement

2018-01-08 18:26 ET - News Release

Mr. Martin Cooper reports

PELE MOUNTAIN ANNOUNCES CLOSING OF SECOND TRANCHE DEBT SETTLEMENT

Pele Mountain Resources Inc., further to its press releases dated Dec. 8, 2017, and Dec. 29, 2017, has closed in escrow the second and final tranche of its previously announced debt settlement. Pursuant to the second tranche escrow closing, the corporation settled $335,246 in debt through the issuance of 4,930,098 common shares of the corporation at 6.8 cents per common share. The common shares issued pursuant to the second debt settlement closing are subject to a statutory hold period expiring on May 9, 2018, and will be held in escrow pending the final acceptance of the debt settlement by the TSX Venture Exchange.

As a result of the second debt settlement closing, together with the first closing of the debt settlement, completed on Dec. 29, 2017, the corporation has 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 36,143,196.

About Pele Mountain Resources Inc.

Pele shares are listed on the TSX Venture Exchange 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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