Mr. Serge Larouche of Chibougamau reports
CHIBOUGAMAU DIAMOND DRILLING LTD. ACQUIRES COMMON SHARES OF PELE MOUNTAIN RESOURCES INC.
Chibougamau Diamond Drilling Ltd. acquired today 4,930,098 common shares in the capital stock of Pele Mountain Resources Inc. at a deemed issue price of 6.8 cents per acquired share in full and final settlement of $335,246.64 in debt owed by the issuer to the acquiror.
Prior to the acquisition of the acquired shares, the acquiror owned 74,126 common shares, representing 0.24 per cent of the issued and outstanding common shares. The acquiror acquired direct ownership of 4,930,098 common shares pursuant to the debt settlement. Following the debt settlement, the acquiror directly owned 5,004,224 common shares, representing 13.85 per cent of the issued and outstanding common shares, an increase of 13.61 per cent.
The acquired shares were acquired by the acquiror pursuant to the debt settlement for debt settlement purposes only. The acquiror may, from time to time, take such actions in respect of its holdings in securities of the issuer, as it may deem appropriate, in light of the circumstances then existing, including the purchase of additional common shares or other securities of the issuer or the disposition of all or a portion of its securityholdings in the issuer, subject in each case to applicable securities laws and the terms of such securities.
Pursuant to National Instrument 62-103, the acquiror will file an early warning report in respect of the debt settlement with the applicable Canadian securities regulators, a copy of which will be available under the issuer's profile at SEDAR. A copy of the early warning report can be obtained by contacting the acquiror at 418-748-3977.
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