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Indico Resources Ltd
Symbol	IDI
Shares Issued	147,003,489
Recent Sedar+ Documents

Indico Resources applies to be reinstated for trading

2023-11-29 17:36 ET - News Release

Subject: Indico Resources Ltd. Re: news for dissemination PDF Document File: Attachment Indico Resources Ltd. - News Release re Convertible Loan and Corporate Updates.pdf 3552 West 41st Avenue P.O. Box 71030 Vancouver, British Columbia CANADA V6N 4J9 Tel: 604-803-4883 Web: www.indicoresources.com INDICO RESOURCES PROVIDES CORPORATE UPDATES November 29, 2023 Vancouver, Canada Indico Resources Ltd. (NEX:IDI.H) (the "Company") is pleased to announce provides the following corporate updates. Reinstatement Application On October 5, 2023, the Company was issued a failure-to-file cease trade order (the "CTO") by the British Columbia Securities Commission (the "BCSC") for failing to file timely continuous disclosure documents required under the securities legislation of British Columbia. The Company subsequently filed the continuous disclosure documents required, and on October 10, 2023 the BCSC revoked the CTO (the "Revocation"). As a result of the Revocation, the Company has been coordinating with the TSX Venture Exchange (the "TSXV") to reinstate trading of the Company's common shares (the "Shares"). The reinstatement submission remains ongoing. The Company expects to have the Shares reinstated for trading in the near future. Convertible Loan Facility On September 22, 2022, the Company entered into a $60,000 convertible loan facility with certain related parties of the Company, in order to pay outstanding account and exchange related fees (the "Convertible Loan"). The Convertible Loan carries an interest rate of 25% per annum, and will be payable on a date to be determined after the first financing the Company completes after Shares are reinstated for trading on the TSXV. Lenders shall have the option to convert the balance of the principal amount and any interest accrued into Shares, at a price equal to the last closing price of the Shares prior to suspension from trading. If the Company undertakes a consolidation of Shares, the issuance of Shares pursuant to the Convertible Loan will be completed on a post-consolidated basis. The Convertible Loan is subject to TSXV approval. The Company has not yet received TSXV approval for the Convertible Loan and there is no assurance that the terms of the Convertible Loan will be approved by the TSXV. The terms of the Convertible Loan remain subject to change pending TSXV review. Management Changes Robert Baxter, the former Chief Executive Officer and a director of the Company, resigned on February 11, 2021. Brian Kerzner is the current Chief Executive Officer of the Company. Markus Willi, a former director of the Company, resigned as director on March 19, 2018. 1 3552 West 41st Avenue P.O. Box 71030 Vancouver, British Columbia CANADA V6N 4J9 Tel: 604-803-4883 Web: www.indicoresources.com About Indico Resources Ltd. Indico is a mineral resource exploration company focused in the discovery and exploration of porphyry copper gold deposits. On behalf of Indico Resources Ltd., Brian Kerzner Chief Executive Officer For further information, please contact: Brian Kerzner brian@kerzner.ca Scott M. Ross sross@indicoresources.com 604-803-4883 "Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." Forward-looking Statements: Certain statements in this press release are "forward-looking statements" which reflect the Company's current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. In some cases, these forward-looking statements can be identified by words or phrases such as "may", "might", "will", "expect", "anticipate", "estimate", "intend", "plan", "indicate", "seek", "believe", "estimates", "predicts" or "likely", or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including without limitation, those risks and uncertainties discussed elsewhere in the Company's filings on SEDAR+. Forward-looking statements may include but are not limited to, the expected timing of the Company's reinstatement of shares on the TSXV, the approval by the TSXV of the Convertible Loan facility, and approval of the terms of the Convertible Loan as described herein. Investors should not place undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date hereof and is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. 2 Word Document File: '\\swfile\EmailIn\20231129 142339 Attachment Indico Resources Ltd. - News Release re Convertible Loan and Corporate Updates.docx' 3552 West 41st Avenue P.O. Box 71030 Vancouver, British Columbia CANADA V6N 4J9 Tel: 604-803-4883 Web: www.indicoresources.com 2 INDICO RESOURCES PROVIDES CORPORATE UPDATES November 29, 2023 - Vancouver, Canada - Indico Resources Ltd. (NEX:IDI.H) (the "Company") is pleased to announce provides the following corporate updates. Reinstatement Application On October 5, 2023, the Company was issued a failure-to-file cease trade order (the "CTO") by the British Columbia Securities Commission (the "BCSC") for failing to file timely continuous disclosure documents required under the securities legislation of British Columbia. The Company subsequently filed the continuous disclosure documents required, and on October 10, 2023 the BCSC revoked the CTO (the "Revocation"). As a result of the Revocation, the Company has been coordinating with the TSX Venture Exchange (the "TSXV") to reinstate trading of the Company's common shares (the "Shares"). The reinstatement submission remains ongoing. The Company expects to have the Shares reinstated for trading in the near future. Convertible Loan Facility On September 22, 2022, the Company entered into a $60,000 convertible loan facility with certain related parties of the Company, in order to pay outstanding account and exchange related fees (the "Convertible Loan"). The Convertible Loan carries an interest rate of 25% per annum, and will be payable on a date to be determined after the first financing the Company completes after Shares are reinstated for trading on the TSXV. Lenders shall have the option to convert the balance of the principal amount and any interest accrued into Shares, at a price equal to the last closing price of the Shares prior to suspension from trading. If the Company undertakes a consolidation of Shares, the issuance of Shares pursuant to the Convertible Loan will be completed on a post-consolidated basis. The Convertible Loan is subject to TSXV approval. The Company has not yet received TSXV approval for the Convertible Loan and there is no assurance that the terms of the Convertible Loan will be approved by the TSXV. The terms of the Convertible Loan remain subject to change pending TSXV review. Management Changes Robert Baxter, the former Chief Executive Officer and a director of the Company, resigned on February 11, 2021. Brian Kerzner is the current Chief Executive Officer of the Company. Markus Willi, a former director of the Company, resigned as director on March 19, 2018. About Indico Resources Ltd. Indico is a mineral resource exploration company focused in the discovery and exploration of porphyry copper gold deposits. On behalf of Indico Resources Ltd., Brian Kerzner Chief Executive Officer For further information, please contact: Brian Kerzner brian@kerzner.ca Scott M. Ross sross@indicoresources.com 604-803-4883 "Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release." Forward-looking Statements: Certain statements in this press release are "forward-looking statements" which reflect the Company's current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. In some cases, these forward-looking statements can be identified by words or phrases such as "may", "might", "will", "expect", "anticipate", "estimate", "intend", "plan", "indicate", "seek", "believe", "estimates", "predicts" or "likely", or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including without limitation, those risks and uncertainties discussed elsewhere in the Company's filings on SEDAR+. Forward-looking statements may include but are not limited to, the expected timing of the Company's reinstatement of shares on the TSXV, the approval by the TSXV of the Convertible Loan facility, and approval of the terms of the Convertible Loan as described herein. Investors should not place undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date hereof and is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.