Mr. Harry Chew reports
ARCTIC FOX LITHIUM CORP. ANNOUNCES ISSUANCE OF COMMON SHARES
Further to the press release of Arctic Fox Lithium Corp. dated Nov. 13, 2023, it has issued 1,055,833 common shares in the capital of the company
to certain of its creditors at a price of six cents per common share in exchange for outstanding amounts payable totalling $63,350 owing to the creditors. The creditors include certain related parties of the company, including Harry Chew, the chief executive officer and a director of the company, and certain corporate entities controlled by either Harry Chew or Sonny Chew, the chief financial officer of the company. The related parties have received an aggregate of 805,833 common shares. Every other creditor is an arm's-length party.
The company has also issued an aggregate of 833,333 common shares at a price of six cents per common share pursuant to a property option agreement, as previously disclosed in the company's press release dated Nov. 13, 2023.
All of the common shares described above will be subject to a four-month-plus-one-day hold period pursuant to the policies of the CSE.
The issuance of common shares to the related parties constitutes a related party transaction as such term is defined by Multilateral Instrument 61-101 --
Protection of Minority Security Holders in Special Transactions. The company has relied on the exemption from the MI 61-101 valuation and minority approval requirements for related party transactions under sections 5.5(a) and 5.7(1)(a) of MI 61-101 as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the issuance of common shares to related parties, exceeds 25 per cent of the company's market capitalization (as determined under MI 61-101).
About Arctic Fox Lithium Corp.
Established in Vancouver, B.C., Arctic Fox
is a
Canadian
junior mining exploration company
founded by an experienced management team to assess and grow its portfolio into a leading company in lithium and
copper. Through targeted exploration and intentional research, Arctic Fox is bringing a trustworthy lens to the development
of sought-after resources from multiple projects in Canada, beginning with properties in the mining-friendly province of Quebec.
We seek Safe Harbor.
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