American Salars Announces Debt Settlement
American Salars Lithium Inc. will settle $129,000 in debt by issuing 600,000 common shares at $0.215 per share.Summary
American Salars Lithium Inc. announced a debt settlement agreement to resolve outstanding indebtedness of $129,000. The company will issue an aggregate of 600,000 common shares at a price of $0.215 per share to settle the debt. These securities will be subject to a four-month and one-day hold period and require approval from the CSE. The settlement includes $43,000 owed to the CEO, Nick Horsley’s, management company, classifying it as a related party transaction under MI 61-101. The company intends to rely on exemptions from formal valuation and minority approval requirements, as the fair market value of the related party portion of the settlement is expected to be less than 25% of the company’s market capitalization. American Salars Lithium is focused on exploring and developing battery metal projects for the electric vehicle market.
(Source：Investing News Network (inn))