09:49:06 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Canadian Critical Minerals Inc
Symbol CCMI
Shares Issued 248,536,018
Close 2023-02-24 C$ 0.07
Market Cap C$ 17,397,521
Recent Sedar Documents

Canadian Critical Minerals settles $123,000 of debt

2023-02-24 19:17 ET - News Release

Mr. Ian Berzins reports

CANADIAN CRITICAL MINERALS SETTLES DEBT WITH SHARES

Canadian Critical Minerals Inc. has entered into shares for debt agreements, to satisfy an aggregate of $123,000 of the company's outstanding debt. An aggregate of 1,757,143 common shares at a deemed price of seven cents per common share are proposed to be issued to the creditors. The creditors include certain related parties of the company.

The company has elected to issue common shares in lieu of a cash payment in order to preserve its cash for the development of its business. The common shares will be issued upon acceptance by the TSX Venture Exchange. The common shares issued will be subject to a four-month-plus-one-day hold period pursuant to the policies of the TSX-V.

An officer of the company is participating in the shares for debt transaction and as such it constitutes a related party transaction as defined in Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The transaction is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b) as the company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(1)(a), as the fair market value does not exceed 25 per cent of the company's market capitalization.

About Canadian Critical Minerals Inc.

Canadian Critical Minerals is a mining company primarily focused on the development of two near-term copper production assets in Canada. The company's main asset is the 100-per-cent-owned Bull River mine project (over 135 million pounds of copper) near Cranbrook, B.C., which has a mineral resource containing copper, gold and silver. The company's latest acquisition is the 100-per-cent-owned Thierry mine project (over 1.3 billion lb of copper) near Pickle Lake, Ont., which has a mineral resource containing copper, nickel, silver, palladium, platinum and gold.

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