International Prospect Proposes Issuing Shares in Settlement of Debt
Val-d’Or, Québec – International Prospect Ventures Ltd. (TSX-V:IZZ) (the “Company”) announces that, subject to acceptance by the TSX Venture Exchange and with the intent of preserving its cash resources for operations, it proposes issuing approximately 300,000 common shares at a deemed per share price of $0.20 in settlement of $60,000 in accrued debt owing to Golden Valley Mines Ltd. (“Golden Valley”).
The debt to Golden Valley relates to consideration payable under the terms of a termination agreement entered into effective January 1, 2018, in connection with termination, by mutual agreement, of the Management and Administrative Services Agreement made as of October 1, 2010 (as subsequently amended) between the Company and Golden Valley.
Shares proposed to be issued by the Company in settlement of the debt will be issued at a deemed per share price of $0.20 in accordance with the policies of the TSX Venture Exchange and will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities legislation.
As of the date of this news release, Golden Valley owns approximately 16.6% of the Company’s issued common shares. Assuming completion of the proposed shares for debt transaction, Golden Valley will own approximately 17.6% of the Company’s then issued common shares.
The Company has filed with regulators its audited annual financial statements and MD&A for the fiscal year ended December 31, 2017, which are available for viewing through the Internet under the Company’s issuer profile on SEDAR (www.sedar.com).
About International Prospect Ventures Ltd.
The Company is a junior natural resource issuer involved in the process of exploring, evaluating and promoting its mineral property interests. The Company owns a 100% interest in the Porcupine Miracle Prospect consisting of four mineral claims located in Langmuir Township in the province of Ontario; a 40% interest in the Beartooth Island Prospect located in the Athabasca Basin in the province of Saskatchewan, which is the subject of an agreement with Ditem Explorations Inc. and of which Ditem is the operator; and a 100% interest in the Otish and Mistassini Prospects located in the North central region of the province of Québec. The Company is party to a binding share exchange agreement to acquire 100% interest in Valroc Ventures Pty Ltd., the New South Wales, Australia company that the Company has an agreement with to jointly acquire, each as to an undivided 50% interest, certain applications for tenements located in gold-bearing Pilbara region of Western Australia. The Company is also in the process of identifying and evaluating other mineral property opportunities in Canada and internationally.
For additional information, please contact:
Glenn J. Mullan
2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
Tel.: 819-824-2808, x 204
Forward Looking Statements:
This news release contains certain statements that may be deemed “forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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