Mr. Matt Wayrynen reports
WESTKAM GOLD CORP. ANNOUNCES SHARES FOR DEBT TRANSACTION
Westkam Gold Corp. has proposed a debt conversion to settle an aggregate of $759,193 owing to consultants, lenders and other creditors, including some insiders. The debt conversion will result in the issuance of 7,591,930 common shares at a deemed price of 10 cents per share. The settled debt will include the issuance of 2,746,840 shares (approximately 18.3 per cent of Westkam's then issued shares, assuming completion of all debt conversions) to a private company owned by Matt Wayrynen, chief executive officer, president and a director of the company, to settle $274,684 in debt. The debt settlement to Mr. Wayrynen will be a related party transaction, as defined in Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company is exempt from the formal valuation requirement and the shareholder approval requirement of MI 61-101.
About Westkam Gold Corp.
Westkam Gold is a Canadian gold exploration company that is focused on developing the Bonaparte gold project, located near Kamloops, B.C.
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