ACCESS Newswire
15 Aug 2020, 05:01 GMT+10
VANCOUVER, BC / ACCESSWIRE / August 14, 2020 / Gray Rock Resources Ltd. (TSXV: GRK) ('Gray Rock' or the 'Company') announced today that it has entered into debt settlement agreements with two of its principal creditors, Oniva International Services Corp. ('Oniva'), which provides administrative services to the Company, and Intermark Capital Corp. ('Intermark'), which provides management services to the Company, through the Company's President & CEO, David Wolfin. Oniva is a private company also controlled by David Wolfin.
The Company will settle an aggregate of $330,317.58 in indebtedness, for the provision of administrative services and costs incurred on behalf of the Company by Oniva ($283,067.58), as well as accrued management consulting fees owed to Intermark ($47,250.00) for the period from September 2018 to February 2020, in exchange for the issuance of a total of 1,651,587 common shares at a deemed price of $0.20 per share. The proposed debt settlements are subject to the acceptance of the TSX Venture Exchange. The shares will be subject to resale restrictions for a period of 4 months and a day from their date of issuance.
As mentioned above, Oniva and Intermark are private companies controlled by David Wolfin, who also holds indirectly a control position in Gray Rock, and is its President & CEO and a director. The debt settlements are therefore 'related party transactions' within the meaning of Multilateral Instrument 61-101, however, the Company can rely upon the exemptions from the requirements of a formal valuation and majority of the minority approval afforded by sections 5.5(b) and 5.7(b) respectively.
For further information please contact Gray Rock Resources Ltd. at ph. (604) 682-3701, or log onto our website at www.grayrockresources.com
ON BEHALF OF THE BOARD
'David Wolfin'
David Wolfin
President & CEO
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 news release.
SOURCE: Gray Rock Resources Ltd.
Get a daily dose of Baltimore Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Baltimore Star.
More InformationLONDON, U.K.: This week, BP appointed Simon Henry, former Shell finance chief, to its board as a non-executive director effective September...
OTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...
NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...
LONDON, U.K.: This week, BP appointed Simon Henry, former Shell finance chief, to its board as a non-executive director effective September...
OTTAWA, Canada: With Canada Post struggling to maintain operations amid labour unrest, rivals like FedEx and UPS are stepping in to...
NEW YORK, New York - U.S. and global markets showed a mixed performance in Tuesday's trading session, with some indices edging higher...
PARIS, France: French military and intelligence officials have accused China of orchestrating a covert campaign to damage the reputation...
NEW DELHI, India: Birkenstock is stepping up its efforts to protect its iconic sandals in India, as local legal representatives conducted...
HONG KONG: China has fired back at the European Union in an escalating trade dispute by imposing new restrictions on medical device...