Mr. Will Randall reports
RODINIA LITHIUM ANNOUNCES SHARES FOR DEBT SETTLEMENT AT A PREMIUM TO MARKET
Rodinia Lithium Inc. has entered into agreements to satisfy outstanding debt obligations of $1,685,504.27 through the issuance of 132,964,699 common shares of the company at a deemed price of five cents per share. The conversion price represents a 400-per-cent premium to the last closing price of one cent and a 267-per-cent premium to the 30-day volume weighted average price of the shares, being 1.36 cents on June 22, 2015. The debt consists of fees incurred for various services provided in connection with the Diablillos property, and in relation to general and administrative services. The issuance of the shares is subject to the approval of the TSX Venture Exchange. In accordance with applicable securities laws, the shares will be subject to a hold period of four months and one day from the date of completion of the debt settlement.
Upon completion of the shares for debt settlement, one of the creditors, Forbes & Manhattan Inc., will hold 20,912,458 shares, representing a 12.5-per-cent interest in the company. Accordingly, completion of the shares-for-debt settlement is subject to the approval of the TSX Venture Exchange and Forbes completing all necessary filings to become an insider of the company. Currently, Forbes and Rodinia are not related parties and have no common officers or directors.
We seek Safe Harbor.
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