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Jayden Resources Inc. (TSXV: JDN,OTC:JDNRF) (the "Company" or "Jayden") announces that it has entered into debt settlement agreements with certain creditors to settle an aggregate of approximately $378,442 of indebtedness (the "Debt") and proposed to issue an aggregate of 1,851,248 common shares of the Company (the "Debt Shares") at a deemed price of $0.25 per share, subject to the acceptance of the TSX Venture Exchange (the "TSXV").
Of the Debt being settled, David Eaton, the Company's President, Chief Executive Officer and director, is a non-arm's-length party to the Company. Pursuant to the debt settlement agreement, Mr. Eaton will receive 406,808 common shares.
The debt settlement with Mr. Eaton constitutes a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions from the formal valuation and minority shareholder approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the related party transaction does not exceed 25% of the Company's market capitalization.
All Debt Shares issued pursuant to the debt settlement will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities laws.
Completion of the debt settlement remains subject to acceptance by the TSXV.
For further information about this news release and the Company's current activities, contact info@jaydenresources.com, visit our website at www.jaydenresources.com or call us at 604-688-9588.
On Behalf of the Board:
"David Eaton"
President & Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/306572
