Fremont Gold Ltd. (TSXV:FRE) (FSE: FR2) (OTC Pink: USTDF) (“Fremont” or the “Company”) announces that it has received TSX Venture Exchange acceptance for and completed the shares for debt transaction previously announced on January 29, 2019.
Fremont Gold Ltd. (TSXV:FRE) (FSE: FR2) (OTC Pink: USTDF) (“Fremont” or the “Company”) announces that it has received TSX Venture Exchange acceptance for and completed the shares for debt transaction previously announced on January 29, 2019. The Company issued 500,000 common shares at a deemed price of $0.15 per share for settlement of $75,000 of outstanding debt to Dennis Moore, the President and a director of the Company.
The transaction is a “related party transaction” within the meaning of Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The debt settlement is exempt from the formal valuation requirements and minority shareholder approval requirements of MI 61-101 pursuant to Section 5.5(a) and Section 5.7(1)(a) as the value of the common shares issued in the debt settlement will not exceed 25% of the Company’s market capitalization. The common shares are subject to a four month hold period expiring on June 9, 2019.
About Fremont Gold
Fremont’s mine-finding management team has assembled a portfolio of high-quality gold projects in Nevada with the goal of making a new discovery. Fremont’s Gold Bar and Gold Canyon are past producing gold mines adjacent to McEwen’s Gold Bar project, where mine construction is underway. Other projects include North Carlin, Goldrun, Hurricane, and Roberts Creek. We are aligned with our shareholders: Insiders own approximately 20% of Fremont.
On behalf of the Board of Directors,
Neither the 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.