VANCOUVER, BC, April 17, 2019 – Tudor Gold Corp. (TSXV: TUD) (Frankfurt: TUC) (the “Company” or “Tudor Gold“) is pleased to announce that, further to its news release of March 20, 2019 it has received TSX Venture Exchange conditional acceptance for and has issued to two creditors of the Company (the “Creditors”) an aggregate of 3,214,285 common shares in the capital of the Company, at a deemed price of $0.28 per common share, in consideration for the settlement of a total of $900,000 in accrued liabilities owing to the Creditors (the “Debt Settlement”).
Pursuant to the Debt Settlement, the issuance of 2,678,571 common shares to one of the Creditors, More Core Drilling Services Ltd., a company controlled by Sean Pownall, a director of the Company, constitutes a “related party transaction” under Multilateral Instrument 61-101-PMrotection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company is exempt from the formal valuation requirements and minority shareholder approval requirements of MI 61-101 pursuant to Subsections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the common shares issued to related parties in the Debt Settlement will not exceed 25% of the Company’s market capitalization.
All securities issued pursuant to the Debt Settlement are subject to a four month hold period expiring on August 18, 2019.
Contact Information
Aris Morfopoulos
Financial Relations
Phone:604-721-2650
Email:[email protected]
Maria Da Silva
Marketsmart Communications Inc.
Phone:604-261-4466
Email:[email protected]