07:32:08 EDT Sun 19 May 2024
Enter Symbol
or Name
USA
CA



Nevada Organic Phosphate Inc
Symbol NOP
Shares Issued 37,387,705
Close 2023-09-01 C$ 0.04
Market Cap C$ 1,495,508
Recent Sedar Documents

Nevada Organic Phosphate appoints Li as CFO

2023-09-01 14:42 ET - News Release

Mr. Robin Dow reports

NEVADA ORGANIC PHOSPHATE ANNOUNCES APPOINTMENT OF NEW CHIEF FINANCIAL OFFICER AND SHARES FOR DEBT SETTLEMENT

Nevada Organic Phosphate Inc. has appointed Keith Li as its new chief financial officer. Mr. Li is an experienced chartered professional accountant (CPA, CA) with over 15 years of corporate accounting, finance and financial reporting experience. He specializes in providing management advisory services, accounting and regulatory compliance services to both public and private companies in a number of industries including junior mining, cannabis, health and wellness, and merchant banking. Mr. Li began his career in the public accounting sector as an auditor and has also held a senior-level position at Sears Canada and multiple reporting issuers. He also holds a bachelor of commerce degree from McGill University.

In connection with Mr. Li's appointment the company has agreed to pay $12,500 in common shares in the capital of the company upon the six-month anniversary of his appointment at the then current market price, subject to the policies of the Canadian Securities Exchange. The shares will be issued pursuant to the prospectus exemption provided under Section 2.24 of National Instrument 45-106 -- Prospectus Exemptions. All shares have a hold period of four months and a day from the date of issuance.

Accordingly, the compensation shares will constitute a related party transaction within the meaning of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The issuance of the shares will be exempt from the valuation requirement of MI 61-101 by the 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 value of the compensation shares does not exceed 25 per cent of the company's market capitalization.

Furthermore, the company would like to announce the resignation of its current chief financial officer, Doug Wallis. The company thanks Mr. Wallis for more than 12 years of good and faithful service to Nevada Organic and other management associated companies.

Shares for debt settlement

The company also announces that it has agreed to issue an aggregate of 180,000 shares at a deemed price of five cents per share to certain creditors of the company as full and final payment of debt in the aggregate amount of $9,000, which debt was for certain unpaid fees for services performed by the creditors.

All securities issued in connection with the debt settlement will be subject to a statutory hold period expiring four months and one day after the date of issuance, as set out in National Instrument 45-102 -- Resale of Securities.

Nevada Organic Phosphate Inc.

Nevada Organic is a junior exploration company with an organic sedimentary raw rock phosphate bed, 8.25 kilometres long, in northeastern Nevada (the Murdock property). Believed to be one of the only organic rock phosphate projects with large-scale potential in North America, the Murdock property is situated close to the main highway to Montello/Elko and the rail head to California.

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